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SB156 • 2026

SOCIAL SECURITY INCOME TAX CAP

SOCIAL SECURITY INCOME TAX CAP

Taxes
Did Not Pass

The latest official action shows that this bill did not move forward in that session.

Sponsor
Senator Pete Campos
Last action
Official status
[3] SCC/STBTC/SFC-SCC-germane-STBTC API.
Effective date
Not listed

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

SOCIAL SECURITY INCOME TAX CAP

SOCIAL SECURITY INCOME TAX CAP

What This Bill Does

  • SOCIAL SECURITY INCOME TAX CAP

Limits and Unknowns

  • This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Bill History

  1. 2026-01-27 New Mexico Legislature

    SCC: Reported by committee to fall within the purview of a 30 day session

  2. 2026-01-26 New Mexico Legislature

    Sent to SCC - Referrals: SCC/STBTC/SFC

  3. New Mexico Legislature

    Action Postponed Indefinitely

Official Summary Text

SOCIAL SECURITY INCOME TAX CAP

Current Bill Text

Read the full stored bill text 
SB0156

SENATE BILL 156

57th legislature - STATE OF NEW MEXICO - second session, 2026

INTRODUCED BY

Pete Campos

AN ACT

RELATING TO TAXATION; REMOVING THE INCOME CAP FOR THE SOCIAL
SECURITY INCOME EXEMPTION PURSUANT TO THE INCOME TAX ACT.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

SECTION 1.
Section 7-2-5.14 NMSA 1978 (being Laws 2022,
Chapter 47, Section 7) is amended to read:

"7-2-5.14. EXEMPTION--SOCIAL SECURITY INCOME.--An
individual may claim an exemption in an amount equal to the
amount included in adjusted gross income pursuant to Section 86
of the Internal Revenue Code, as that section may be amended or
renumbered, of income includable except for this exemption in
net income [
provided that the individual's adjusted gross
income shall not exceed:

A. seventy-five thousand dollars ($75,000) for
married individuals filing separate returns;

B. one hundred fifty thousand dollars ($150,000)
for heads of household, surviving spouses and married
individuals filing joint returns; and

C. one hundred thousand dollars ($100,000) for
single individuals
]."

SECTION 2.
APPLICABILITY.--The provisions of this act
apply to taxable years beginning on or after January 1, 2026.

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