New Mexico State Senator Bill Burt (R-Alamogordo) reintroduced legislation Tuesday to provide a new, phased-in personal income tax deduction for military retirement income of uniformed service retirees or surviving spouses, according to a press release.
“Year after year, we hear from employers that they cannot find qualified staff. We hear, year after year, that we cannot fund projects because our state is losing more people than we are gaining. We need good citizens, good leaders, and good families who choose to call New Mexico home and retaining more of our veteran retirees can help solve that issue,” Burt said in the release. “We need to put ourselves back in the running to keep those who are stationed here and fall in love with our wonderful state. The revenue cost is nothing compared to the cost of losing these valued veterans to our neighboring states. I am grateful that many of my colleagues are behind me to get this done and I believe this is the year to do it.”
The legislation, titled Senate Bill 128, has bipartisan support and was referred to Senate Tax, Business and Transportation Committee, as well as the Senate Finance Committee, per the release.