Bill > HB144

This bill amends the existing New Mexico law to increase the child income tax credit. Key provisions include: 1. Increasing the amount of the tax credit per qualifying child, with the credit phasing out at higher income levels. 2. Requiring the credit amounts to be adjusted annually for inflation, except that the credit cannot be reduced from the previous year. 3. Clarifying the definition of a "qualifying child" to align with the federal income tax requirements. 4. Requiring the state tax department 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. Overall, this bill aims to provide more financial support to families with children in New Mexico by increasing the available child income tax credit.

Health and Social Services

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=144&year=23