Bill To Provide Tax Break For Military Retirees Moves To Senate Finance Committee

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Bill To Provide Tax Break For Military Retirees Moves To Senate Finance Committee

Santa Fe – More military retirees would be encouraged to retire in New Mexico if they receive a break on their state income taxes.  Military retirees or their surviving spouses would be free from paying state income tax on up to $25,000 under a bill sponsored by Senator William F. (Bill) Burt of Alamogordo. SB 330 provides all retirees from the military services or their surviving spouses a state income tax deductions up to $25,000 on their military retirement or retainer pay. It heads to the Senate Finance Committee after passing the Senate Corporation and Transportation Commission.