Tax filing season is here, and starting this year, New Mexico families will be able to claim a new child tax credit ranging from $25 to $600 per qualifying child.
The credit is income-based and, according to a news release from New Mexico’s Taxation and Revenue Department, is expected to provide an estimated $180 million total in tax refunds to 292,000 families statewide.
According to the press release, the credit is refundable and taxpayers will receive the full value even if it exceeds their tax liability.
In 2022, New Mexico legislators joined other states in creating a child tax credit. State officials then increased the value of the credit in 2023 through House Bill 547. This is the first tax season where the credit is now available to apply for.
For more information about the new child tax credit visit https://www.tax.newmexico.gov/