NM HB193

Authorizes the Public Education Department to approve school tuition organizations that award educational scholarships to low-income students for private school attendance in New Mexico

Eligible students must have household income at or below reduced-price lunch thresholds and must have previously attended a New Mexico public school or home school for at least one full semester before transferring

School tuition organizations must allocate at least 90% of contribution revenue to scholarships, cannot limit scholarships to a single school, and cannot allow donors to designate specific student beneficiaries

Creates an individual income tax credit of up to $700 (single filers) or $1,400 (joint filers) for contributions to school tuition organizations, with annual inflation adjustments starting January 1, 2027

Creates a corporate income tax credit of up to $1,400 for contributions to school tuition organizations; both credits are non-refundable but can be carried forward for three consecutive years