Bill > HB79

This bill, titled the Working Families Tax Credit & Gains Deduction, proposes to amend existing New Mexico law to increase the state's working families tax credit, which is a credit for residents filing individual income tax returns. Specifically, it would double the credit from ten percent to twenty percent of the federal earned income tax credit, a credit available to low-to-moderate income working individuals and families as defined by Section 32 of the Internal Revenue Code. This increased credit can be used to reduce an individual's state income tax liability, and any excess credit will be refunded to the taxpayer. Additionally, the bill repeals a separate section of New Mexico law concerning capital gains deductions, and its provisions are set to apply to taxable years beginning on or after January 1, 2015.