Bill > SB272

This bill proposes a tax exemption for specific individuals caring for children, specifically foster parents, grandparent guardians, and grandparents who have adopted their grandchildren. To qualify for the state income tax exemption, the caregiver must maintain their status for the entire taxable year, and the child must be under 18 years old during that tax year. The bill defines "foster parent" as someone licensed or certified by the children, youth and families department or a child placement agency to care for children in the department's or agency's custody, and "guardian" as a person appointed under the Kinship Guardianship Act. The tax exemption will be tracked in the tax expenditure budget, which will include the annual aggregate cost of the exemption. The provisions of this bill will apply to taxable years beginning on or after January 1, 2025, providing financial relief to individuals who are providing care and support for children in these specific circumstances.

Budget and Finance

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=272&year=25