Social Security

Bills to exempt Social Security from tax tabled
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The House Taxation and Revenue Committee tabled two bills Friday that proposed to eliminate or reduce the state’s tax on Social Security income. Key legislators had previously voiced support for House Bills 29 and 77, and the majority of public attendees who spoke favored it at Friday’s committee hearing. Yet Democratic and Republican legislators alike said they were worried about altering the tax without having a plan to replace lost revenue.
“You can’t have it both ways. Somewhere you have to pay the piper,” said Rep. Jim Trujillo, a Santa Fe Democrat and co-chair of the committee. “Let’s find a way to pay for it so we don’t create a hole in the general fund.”