Tax Relief

New Mexico lawmakers voted to increase tax breaks

Daily Tax Report: State

March 20, 2021, 4:13 p.m.

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New Mexico would expand tax break programs for low-income residents as part of a measure that lawmakers passed late Friday and passed on to Governor Michelle Lujan Grisham, D.

  • The measure (HB 291) would raise the income limit for the comprehensive low-income state tax break from $ 22,000 to $ 36,000 per year. The maximum discount would increase from $ 450 to $ 730, according to a tax analysis.
  • The state’s working family tax credit is open to new applicants, including childless adults ages 18 to 24. The credit would increase from 17% of the federal earned income tax credit …

Brenna Goth

Personal correspondent

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