Bill to Tax Exempt Veteran Retirement Pay Passes Committee with Unanimous Support

Santa Fe, NM- HB 76 passed the House Labor, Veterans’ and Military Affairs Committee with unanimous bipartisan support. The bill would support retired veterans by making up to $30,000 of their military retirement pay exempt from state income tax. 

“By exempting veterans’ retirement pay from state income tax, they can keep more of what they earned for their selfless commitment to our country,” said sponsor of the bill, Representative Harry Garcia (D-Grants) who is a Vietnam War veteran himself. “This bill will improve the quality of life for many New Mexicans, and create an incentive for veterans to choose New Mexico as their home in retirement.” 

Many veterans receiving military retirement benefits still participate in civilian jobs, bringing significant value to their local workforces and communities. 

The Roundhouse is open to the public for the session. Proof of full COVID-19 vaccination will be required to enter the building. Members of the public can view floor sessions and committee meetings on the New Mexico legislature’s Webcasts tab, and provide comment via phone or Zoom as directed on the daily schedule.  

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