SANTA FE, N.M. (KRQE) – On Thursday, Senate Bill 108 is being introduced to the legislature. It would eliminate the social security tax for seniors. The bill is sponsored by Senator Michael Padilla.
Right now, social security benefits that are subject to federal taxation are also subject to New Mexico income tax. Leaders with the Aging and Long-Term Services Department say taxing social security is hurting senior citizens.
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“We want every senior to benefit from this because it helps our seniors not only remain independent, which is what we want them to do in our community, but it’s also going to pump more money into our economy, which is what we need them to do,” says Cabinet Secretary for Aging and Long-Term Services, Katrina Hotrum-Lopez.
New Mexico is one of just 13 states that tax social security. Senate Bill 108 also has support from the governor. she says ending this tax will lift another burden from New Mexico seniors living on a fixed income.
