Bill > HB311

This bill aims to increase the Working Families Tax Credit (WFTC) and limit the capital gains deduction from net income. Specifically, the bill amends the existing WFTC law to increase the credit from 10% to 20% of the federal Earned Income Tax Credit (EITC) that an individual is eligible for. The bill also amends the existing capital gains deduction law by removing the option to deduct the greater of the taxpayer's net capital gain income or a percentage of that income, and instead limits the deduction to $1,000 of the taxpayer's net capital gain income. The provisions related to the WFTC increase apply to taxable years beginning on or after January 1, 2017, while the changes to the capital gains deduction apply to taxable years beginning on or after January 1, 2018.

Budget and Finance

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=311&year=17