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Senator William Burt Introduces Legislation to Make Income Tax Exemption for Military Retirement Pay

FOR IMMEDIATE RELEASE

January 18, 2023 Contact: Joaquín Romero joaquin.romero@nmlegis.gov (505) 506-5798 Senator William Burt Introduces Legislation to Make Income Tax Exemption for Military Retirement Pay Permanent Exemption currently set to expire in 2026 SANTA FE – Senator William Burt (R-Alamogordo) today introduced Senate Bill 54 to make the state’s income tax exemption for military retirement pay permanent. Last year, the Legislature enacted the phased-in exemption, but included a sunset date of 2026. “I want to thank my colleagues in the Legislature for passing the military retirement pay tax exemption last year,” said Senator Burt. “Given our record-level revenues and projections, we should now make this benefit permanent and send a message to our veteran retirees that we want them to make New Mexico their permanent home.” The average age of military retirees is 42-46, many of whom move on to second careers. New Mexico has historically struggled to retain these retirees, and up until last year, was one of just 12 states that did not offer a tax break on their military retirement pay. Senate Bill 54 was referred to Senate Tax, Business and Transportation Committee and the Senate Finance Committee. ###


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