Bill > HB177

This bill creates a new income tax credit for parents of home-schooled children in New Mexico that allows taxpayers to claim a tax credit for curriculum materials purchased for home schooling. Specifically, parents can claim a credit up to $2,500 per school-age child for expenses related to curriculum materials, which include textbooks, workbooks, and other instructional resources. To receive the credit, parents must apply to the public education department for certification, proving they meet specific requirements such as having a child between five and twenty-two years old who is being home-schooled. The credit can be claimed within three years of certification and is fully refundable if it exceeds the taxpayer's income tax liability. Married couples filing separately can each claim half the potential joint credit. The bill defines key terms like "curriculum materials" and "school-age person" and stipulates that the credit will become applicable for tax years beginning on or after January 1, 2025. The tax credit is designed to provide financial support to families who choose to educate their children at home by offsetting the costs of educational materials.

Education

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=177&year=25