NEW MEXICO (KRQE) – Nearly $ 100 million in tax breaks was given to families in New Mexico as part of a one-time special discount. According to Taxation & Revenue New Mexico, approximately 157,000 taxpayers who applied for the Working Family Tax Credit received a one-time income tax rebate of $ 600 approved under Senate Act 1 during the 2021 legislature.
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The department said in a press release that the rebate goes to taxpayers who claim the credit on their 2020 income tax returns and have an adjusted gross income of $ 31,000 or less for a single parent or $ 39,000 for a married couple or heads of household.
The qualifications for the Working Family Tax Credit are the same as for the Federal Income Tax Credit this year. Information on the discount can be found in Tax Bulletin 100.39 at tax.newmexico.gov.
Next year, more families will be able to qualify under the terms of this discount. The Department reports that the Working Family Tax Credit will be available to taxpayers without a social security number and to taxpayers over the age of 18 under the provisions of House Bill 291.
In 2019, almost 200,000 families claimed the loan under the old eligibility rules. Additionally, the law will increase income tax for LICTR eligibility from $ 22,000 to $ 36,000, increase the maximum discount from $ 450 to $ 730, and index the discount to inflation so its values don’t erode over time.