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NM HB296
Bill
Status
Introduced
2/3/2026
Primary Sponsor
Derrick Lente
Click for details
AI Summary
- Increases New Mexico's Working Families Tax Credit from 25% to 50% of the federal earned income tax credit
- Applies to resident taxpayers who file individual New Mexico income tax returns and qualify for the federal EITC
- Extends eligibility to taxpayers aged 18-24 who would qualify for the federal credit but for the age requirement
- Allows taxpayers without Social Security numbers to claim the credit if they would otherwise be eligible for the federal EITC
- Credit is refundable, meaning any amount exceeding income tax liability is paid to the taxpayer
- Effective for taxable years beginning on or after January 1, 2026
Legislative Description
Increase Working Family Tax Credit
Last Action
HHHC: Reported by committee with Do Pass recommendation
2/9/2026
Committee Referrals
Health & Human Services2/3/2026
Full Bill Text
No bill text available