Analysis

Synopsis:

 Senate Bill 162 (SB 162) exempts up to $30,000 of federal Social Security income from state income tax.

Analysis:

 Senate Bill 162 (SB 162) exempts up to $30,000 of Social Security income from state income tax. 

New Mexico follows the federal rules for including a portion of social security benefits as part of taxable income (depending on other income and deductions) and provides a tax deduction for persons over age 65 or blind.

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