|
|
|
Summary of Personal Income Tax (PIT) Passed in 2022
In 2022 the Tiered Exemption of Personal Income Tax (PIT) on Military Retiree Pay passed the legislature and was signed by the Governor
In 2022 after over 20 years of efforts by NM MOAA and other Military/Service Organizations a tiered implementation of the Personal Income Tax Exemption for Military Retirees passed the legislature and was signed by the governor.
We want to thank all the members of the various organizations under the leadership of the Legislative Team of the Military/Veterans Leadership Council and the champions in the legislature, Rep Harry Garcia, Senators Burt and Pope for getting this legislation passed. Especially we want to thank our own David Coulie for carrying the ball on this for over 15 years.
The legislation contains a tiered implementation:
Tax Year 2022: $10,000 Exemption
Tax Year 2023: $20,000 Exemption
Tax Year 2024 – 26: $30,000 Exemption.
MOAA and the MVLC Team are already working with the Interim House/Senate Military & Veterans Affairs Committee to:
- Make the legislation permanent
- Include Surviving Spouses, NOAA & USPHS retirees.
Thank you to All who worked on this,
LTC Walter Paul (USA Ret)
Past President & Legislative Chair
NOTE: Page 16 of the below linked legislation has the pertinent language for the PIT
