Bill > HB324

This bill establishes a new educational scholarship program in New Mexico that allows school tuition organizations (STOs) to award scholarships to low-income students who want to attend private schools. STOs must meet several requirements, including allocating at least 90% of their annual revenue to scholarships, not limiting scholarships to students of a single private school, and not allowing donors to designate specific student beneficiaries. To be eligible, students must reside in New Mexico, come from households with income at or below reduced-price lunch program levels, and have previously attended a public school or home school for at least one full semester. The bill also creates two tax credits: an individual income tax credit and a corporate income tax credit, both of which allow taxpayers to receive a credit for contributions made to these school tuition organizations. For individual taxpayers, the credit can be up to $700 for single filers and $1,400 for joint filers, while corporate taxpayers can receive a credit of up to $1,400. These credits will be adjusted annually for inflation and can be carried forward for up to three years if they exceed the taxpayer's tax liability. The Public Education Department will be responsible for maintaining a public registry of authorized school tuition organizations, certifying tax credit eligibility, and publishing annual reports about the scholarship program.

Education

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=324&year=25