VetTOCVeteran benefits reference

Display

Text size100%

New Mexico / State / 56th Legislature, 2nd Session, 2024

Laws 2024, ch. 67 (HB 252) Made the $30,000 armed forces retirement pay exemption permanent and extended it to surviving spouses

Catalog reconciledEnactedScope changed

Signed Takes effect

Expands benefits Made the $30,000 armed forces retirement exemption permanent and extended it to surviving spouses.

Amended NMSA 1978, § 7-2-5.13, replacing the 2022 schedule that ended with taxable year 2026 by a flat $30,000 with no end date, and adding the surviving spouse of an armed forces retiree, for taxable years beginning on or after January 1, 2025. Signed March 6, 2024. Guides still describe the exemption as running through 2026.

Progress

Path to law: Bill in a two-chamber legislature

  1. Introduced Done,
  2. In committee Done, House Commerce and Economic Development, then Taxation and Revenue
  3. Passed one chamber Done, House, 48-21
  4. Passed both chambers Done, Senate passed it amended 26-13 on February 12; House concurred
  5. Signed by the governor Done, Laws 2024, chapter 67
  6. In effect Done,

Sponsors

  • Derrick J. LenteSponsor, Democratic, House, District 65

What it touches

  • NMSA 1978, § 7-2-5.13

Catalog entry

Official record

Read Laws 2024, ch. 67 (HB 252) on the jurisdiction's own record