SANTA FE, N.M. (KRQE) – Some lawmakers and the governor are trying to pass a bill that they say would attract more retirees to the state. House Bill 48 would repeal the existing tax on social security benefits. One of the bill’s sponsors, Representative Rebecca Dow, says New Mexico is only of only 13 states to tax those benefits.
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Rep. Dow says the last fiscal report showed it would cost the state around $70 million to eliminate the tax but she says we can afford it this year since the state has a more than billion-dollar surplus. She also says that money would be made up in other ways as retirees buy homes in the state and contribute to the economy.
“We talk about growing tourism. We have what’s called a silver tsunami coming, where the majority of living citizens in the U.S. will be retirees, and so they’ll be senior citizens by definition and we want to attract them to retire in New Mexico,” Rep. Dow said.
The House bill has bipartisan support. Senate Republicans have also introduced a similar bill and Governor Michelle Lujan Grisham called on lawmakers to end the tax on Thursday evening.