summary
Introduced
01/17/2023
01/17/2023
In Committee
Crossed Over
Passed
Dead
03/18/2023
03/18/2023
Introduced Session
2023 Regular Session
Bill Summary
Child Income Tax Credit Increase
AI Summary
This bill amends the existing Child Income Tax Credit in New Mexico. It increases the amount of the credit per qualifying child for taxpayers with adjusted gross incomes below $350,000. The credit ranges from $202 per child for those with incomes under $25,000 to $29 per child for those with incomes between $350,000 and $200,000. The bill also requires the Department of Taxation to compile and report annually on the number of taxpayers receiving the credit, the total amount of credits, and an analysis of the cost of the tax credit.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Senate Tax, Business and Transportation Committee (00:00:00 2/7/2023 Room 321) (on 02/07/2023)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=52&year=23 |
| BillText | https://www.nmlegis.gov/Sessions/23%20Regular/bills/senate/SB0052.pdf |
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