During the 2022 legislative session, Think New Mexico successfully championed the enactment of two landmark reforms that:
- Ended predatory lending! House Bill 132 passed the House 51-18 and the Senate 19-8. This bill would reduce the maximum annual interest rate on small loans from 175%, one of the highest rates allowed anywhere in the nation, to 36%, the national average. When the governor signs it, this new law will put an end to four decades of predatory lending and will save hardworking New Mexicans approximately $175 million in interest payments every year. Read more about this reform.
- Repealed the tax on Social Security income for all middle and lower income seniors! The legislature passed House Bill 163, which exempts Social Security from taxation for all middle and lower income seniors – with incomes under $100,000 as individuals or $150,000 as couples. When this reform is signed, it will save middle and low-income seniors $84 million this tax year, rising to $99.5 million by 2025. Approximately 86% of New Mexico seniors will qualify for the exemption, and the average senior will save around $710 a year. Read more about this reform.