Pub. 16 2019 Issue 3

8 O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S - H E L P I N G N E W M E X I C O R E A L I Z E D R E A M S were not asked. Always remember that participation is voluntary, and always remember to thank your team for their support and contributions. • Establish a goal for your bank’s corporate contribution: If allowed by your bank’s charter, determine at what level your bank is willing to make a corporate contribution. State-chartered banks are not restricted from making a corporate contribution to New Mexico BankPAC, whether for federal or state office candidates, and these corporate contributions are vital. National banks are prohibited from making corporate contributions for any political purpose. • Why contribute to BankPAC, and why not to Local Candidates? No industry faces the regula- tion that banking does. Every year, state legislators and members of Congress spend months in Santa Fe and Washington, D.C., considering proposed legisla - tion. Thousands of these bills affect banking. NMBA’s involvement in the legislative process provides you with a direct link to the decision and policymakers in your government. Without a well-funded PAC, our voice in government will be weakened, and we could find ourselves competing in tomorrow’s marketplace with more restrictions and fewer opportunities. That’s why, as bankers, we all need a strong BankPac to help us support candidates who believe in our right to com - pete on an equal basis in the financial marketplace. A contribution to NMBA BankPac does not limit your ability to contribute to your local candidates. But, BankPac can and does become involved in a majority of the legislative races. Your contribution to NMBA BankPac will support the entire banking industry. Our strength is in our numbers. BankPac contribu - tions have a greater impact on the candidates who recognize they are being supported by many people with common interests. NMBA BankPac is an import- ant link to NMBA’s legislative programs, providing financial support to candidates who support our views and are interested in our concerns as an industry. • Invite NMBA to your bank for a NewMexi- co BankPAC presentation: NMBA is ready and willing to join you and your team to report at any upcoming meetings, whether board or staff, on cur - rent political activity. Such reports are an excellent precursor to a request for financial support of Bank - Pac, on both a corporate and personal level. We are here to help your bank succeed in your New Mexico BankPAC fundraising efforts! Social Security Taxation The NMBA is working with Representative Daymon Ely (D-Corrales) on a piece of legislation that would remove the state income taxation on Social Security. Currently, 13 states impose a tax on Social Security including New Mexico, Missouri, Colorado, Minnesota, Connecticut, Utah, Kansas, Nebraska, West Virginia, Montana, North Dakota and Vermont. Think New Mexico, a Santa Fe think tank, has announced a set of reforms intended to make retirement security a reality for New Mexicans. Included is their reform package is a recommendation to repeal the state’s income tax on Social Security benefits. They argue that such a tax is a form of double taxation: some New Mexicans pay income taxes on the money they pay into Social Security, and then they pay taxes again on the benefits they receive. AARP New Mexico is also working on similar legislation for introduction in 2020. n n EXECUTIVE VICE PRESIDENT’S MESSAGE continued from page 7