HOUSE DEMOCRATS NEWS RELEASE
The House Taxation and Revenue Committee will consider a bill that would help working families by allowing parents to receive a child income tax credit of up to $350 a year per qualifying child.
The bill, a committee substitute for HB 213, would allow for families to receive an income-based state tax credit for each qualifying child, providing relief to families across the state. The credit would help many working New Mexican families cover basic necessities and cost of living expenses.
“Too many families in New Mexico are struggling to make ends meet. This is one step we can take right now to provide relief to working families,” said House Majority Leader Javier Martínez (D-Albuquerque).
The bill is sponsored by Leader Martínez, House Majority Whip Doreen Gallegos (D-Las Cruces), Representative Micaela Lara Cadena (D-Mesilla), and Representative Christine Chandler (D-Los Alamos).
“Parents and children in New Mexico would benefit immensely from this tax credit,” said House Majority Whip Gallegos. “I am grateful to be working with my colleagues on this important legislation that has the potential to positively impact working families.”
These income-based tax credits would be as high as $350 per child for lower income New Mexicans and a minimum of $50 tax credit per child for filers with incomes of $350,000 and higher.
“This bill would provide much needed relief to our hardworking New Mexican families doing their best to raise their children through these trying times,” said Representative Cadena.
“Child income tax-credits would help put more money back into the pockets of the families in our state who need it most,” said Representative Chandler.