NM SB88

Creates a new income tax credit of $500 per month for New Mexico residents who are foster parents or legal guardians of children, with a maximum annual credit of $6,000

Requires taxpayers to be a foster parent or guardian for more than 50% of a month to qualify for that month's credit

Children, Youth and Families Department must certify eligibility and issue certificates specifying the credit amount; only one credit allowed per household per year

Credit is fully refundable, meaning taxpayers receive the excess amount if the credit exceeds their tax liability

Applies to taxable years beginning on or after January 1, 2026