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Cathrynn Brown, a Carlsbad Republican and co sponsor of House Bill 29 to fully exempt Social Security benefits from taxation, said her proposal would provide seniors an average of $700 a year. Full exemption, she said, would make it easy to market New Mexico to retirees and help those already herethink we should make it simple if we going to do this, Brown saidFully repealing the Social Security tax could mean $89 million in reduced revenue for the state in the coming budget year, legislative analysts said. Supporters of the bill disputed that figure, however, arguing that it didn take into account the possibility of increased spending by seniors or other factorsRep.
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