Bill > HB42

This bill amends the Low-Income Comprehensive Tax Rebate, which allows New Mexico residents who file individual state income tax returns to claim a tax rebate for a portion of the state and local taxes they have paid, even if they have no taxable income. The key changes include: 1) Replacing the term "husband and wife" with "married individuals" to be more inclusive. 2) Expanding the exemptions that can be claimed for the tax rebate, including additional exemptions for individuals 65 years of age or older, those who are blind, and minor children/stepchildren. 3) Revising the tax rebate table to provide different rebate amounts based on the taxpayer's modified gross income and number of exemptions. The maximum rebate has been increased from $450 to $520 for those with the lowest incomes and highest number of exemptions. 4) Specifying that the changes apply to tax years beginning on or after January 1, 2021. Overall, this bill aims to provide more generous tax relief to low-income New Mexico residents through the Low-Income Comprehensive Tax Rebate program.

Budget and Finance, Business and Industry

https://www.nmlegis.gov/lcs/legislation.aspx?chamber=H&legtype=B&legno=42&year=21