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Republican proposed tax relief coming for New Mexico Seniors, Veterans, and Families
SANTA FE — In the final hours of the 2022 session, Senate Republican backed measures to provide meaningful tax relief for New Mexicans were included in the final tax bill passed by the Senate. House Bill 163 includes a repeal of the social security tax for most New Mexicans, a phased in repeal of state income tax for military retirees, and a $250 tax rebate for almost every New Mexico taxpayer. Other tax breaks in the legislation include a child tax credit and a small GRT tax decrease.
