NM HB92

Maintains 100% Social Security income exemption for individuals with adjusted gross income below specified thresholds: $75,000 (married filing separately), $150,000 (heads of household, surviving spouses, married filing jointly), and $100,000 (single filers)

Creates phased-in exemption for individuals exceeding income thresholds: 20% exemption for tax years 2026-2027, 40% for 2028-2029, 60% for 2030-2031, 80% for 2032-2033, and 100% for 2034-2035

Expands Social Security tax relief to all New Mexico residents regardless of income level by January 1, 2034

Amends Section 7-2-5.14 NMSA 1978, originally enacted in 2022