Military retirees in living in New Mexico may see their state income tax burden reduced under a bill introduced this week in the State House by Representative Dennis Roch (R-Texico).
House Bill 162 proposes to exempt twenty-five percent of a retiree's military pension income from the state's personal income tax, with that percentage increasing to fifty percent, seventy-five percent, and ultimately one hundred percent over time.
"Not only do our men and women in uniform defend our freedom, they also make significant contributions to our communities," Roch noted. "It's time we honor their service to New Mexico and the nation by allowing them to keep every penny they've earned through their selfless service."
The exemption would apply to retirees from all branches of the armed forces. In addition to New Mexico natives who served a career in the armed forces before returning to the state, Curry and Roosevelt Counties are home to a number of military retirees, many of whom chose to remain in New Mexico after concluding their active duty service at Cannon AFB.