NM SB156

Removes income caps on the state income tax exemption for Social Security benefits, allowing all New Mexico residents to exempt their Social Security income regardless of total adjusted gross income

Eliminates the current $75,000 AGI cap for married individuals filing separately, $150,000 cap for heads of household/surviving spouses/joint filers, and $100,000 cap for single individuals

Amends Section 7-2-5.14 NMSA 1978 of the Income Tax Act

Applies to taxable years beginning on or after January 1, 2026