NM SB170

Creates two new tax credits for donations to licensed child care facilities: one for individual income tax and one for corporate income tax, available for taxable years prior to January 1, 2037

Credit amount equals the donation amount, capped at $500,000 per taxpayer per year, with a combined annual statewide cap of $10 million for both credits

Qualifying donations must be monetary, made to licensed facilities that provide at least 50% of services to children receiving state child care assistance, and must support care for children 12 years old or younger

Credits are fully refundable if they exceed a taxpayer's tax liability, and the Early Childhood Education and Care Department must certify eligibility and post monthly credit totals on its website

Excludes donations from facility owners, their family members, investors, or otherwise affiliated parties from qualifying for the credit