Bill > SB339

This bill: - Increases the amount of the low-income comprehensive tax rebate, which is a refundable tax credit available to low-income New Mexico residents who file individual state income tax returns. The rebate amounts are increased for various income and exemption levels. - Increases the amount of the working families tax credit from 17% to 25% of the federal earned income tax credit, and expands eligibility to include residents aged 18-24 who would otherwise be ineligible due to the federal age requirement. - Requires employers who withhold state taxes (known as "withholders") to provide their employees (known as "withholdees") with information about state assistance programs for low-income New Mexicans, such as the tax rebates and credits, when providing the annual withholding statement. The provisions of this bill apply to tax years beginning on or after January 1, 2021.

Budget and Finance

https://www.nmlegis.gov/lcs/legislation.aspx?chamber=S&legtype=B&legno=339&year=21