New Mexico 2024 Regular Session Status: In Committee Bipartisan · 2 R · 2 D cosponsors

HB 249 — SOCIAL SECURITY INCOME INDEXING

Last action — action postponed indefinitely

Track this bill free

No card. One bill, free forever — alerts when it moves.

  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2024 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Bill Text

How this bill changes current law

1 change Share ↗

AI-generated reading aid from the bill's amendatory text — verify against the official bill.

The bill amends existing law to include adjustments for inflation to the income exemption limits for Social Security income starting from 2025.

  • Section 7-2-5.14 NMSA 1978

    A. 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 the following amounts, except as provided in Subsection B of this section: → B. For the 2025 taxable year and each subsequent taxable year, the amounts of adjusted gross income provided in Subsection A of this section shall be adjusted to account for inflation. The department shall make the adjustment by multiplying each amount of modified gross income by a fraction, the numerator of which is the consumer price index ending during the prior taxable year and the denominator of which is the consumer price index ending in tax year 2023. The result of the multiplication shall be rounded down to the nearest one hundred dollars ($100), except that if the result would be an amount less than the corresponding amount for the preceding taxable year, then no adjustment shall be made.

    This change introduces an inflation adjustment to the exemption limits for Social Security income starting in 2025.

Action History

  1. action postponed indefinitely

  2. DO PASS committee report adopted

  3. Sent to House Commerce & Economic Development Committee & House Taxation & Revenue Committee

Sponsors

Sponsorship breakdown

Export CSV (upgrade) →

4 sponsors · 0 co-sponsors · 109 not signed on

Sponsors (4)

Co-sponsors (0)

None.

Not signed on (109)

109 members have not signed on to this bill.

Show all 109 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

taxation
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

Who sponsors HB 249?
HB 249 is sponsored by Gail Armstrong (Republican), Cathrynn N. Brown (Republican), Art De La Cruz (Democrat), and Charlotte Little (Democrat).
What is the current status of HB 249?
This bill died with 2024 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HB 249?
Track HB 249 free on One Click Politics — get push/email alerts when it moves.

Make your voice heard on HB 249

Find the representatives who decide this bill and tell them where you stand — for yourself, or mobilize your whole list in one click with One Click Politics advocacy software.

Find my representatives → Run a campaign

Stay ahead of HB 249

Last checked for changes 3 months ago · updated continuously

One Click Politics tracks every bill in Congress and all 50 states.

Track this bill →