Bill > HB118

This bill amends the existing Foster Youth Employment Income Tax Credit and Foster Youth Employment Corporate Income Tax Credit to include homeless youth. The key provisions are: 1. Expands the tax credits to allow employers to claim up to $1,000 per year for each qualified foster youth or homeless youth they employ, prorated if the youth works less than a full year. 2. Defines "homeless youth" as an individual who meets the federal definition of "homeless children and youths", is 25 years old or younger, and works at least 920 hours during the taxable year. 3. Requires the Workforce Solutions Department, in collaboration with the Children, Youth and Families Department and New Mexico Indian nations/tribes/pueblos, to adopt rules to annually certify that an employee qualifies as a foster youth or homeless youth for purposes of the tax credits. 4. Applies to taxable years beginning on or after January 1, 2021.

Health and Social Services

https://www.nmlegis.gov/lcs/legislation.aspx?chamber=H&legtype=B&legno=118&year=21