Bill > SB175

This bill establishes a new Rural Teachers Tax Credit in the state of New Mexico. The key provisions are: 1. Eligible rural teachers, defined as those holding certain teaching licenses and working in "rural school districts" (as specifically defined in the bill), can claim a tax credit of up to $1,500 per year against their New Mexico income tax liability. 2. To claim the credit, eligible teachers must submit an application to the Public Education Department, which will determine qualification and issue a certificate for the credit. 3. The credit can be carried forward for up to three years if the amount exceeds the taxpayer's liability in the year claimed. 4. The Taxation and Revenue Department must compile an annual report on the usage and efficacy of the tax credit to be presented to legislative committees. 5. The provisions of the bill apply to tax years beginning on or after January 1, 2021. The purpose of this bill is to provide a financial incentive for teachers to work in rural school districts in New Mexico, which may face challenges in recruiting and retaining educators.

Budget and Finance

https://www.nmlegis.gov/lcs/legislation.aspx?chamber=S&legtype=B&legno=175&year=21