NEW MEXICO (KRQE) – Almost $ 100 million in tax breaks have been paid to families in New Mexico in a one-time special rebate. According to Taxation & Revenue New Mexico, approximately 157,000 taxpayers who claimed the Working Family Tax Credit received a one-time tax refund of $ 600 that was authorized in Senate Bill 1 during the legislative session of 2021.
The ministry says in a press release that the refund will be given to taxpayers who claim the credit on their 2020 personal income tax return and have adjusted gross income of $ 31,000 or less for single tax filers or $ 39,000 for single tax filers. married people declaring jointly or heads of family.
Qualifications for the Working Families Tax Credit this year are the same as for the Federal Working Income Tax Credit. Discount information is available in Tax bulletin 100.39 at tax.newmexico.gov.
More families will now be able to qualify next year under the terms of this rebate. The ministry reports that under the provisions of House Bill 291, the Working Families Tax Credit will be available to taxpayers without a social security number and to taxpayers under the age of 18.
In 2019, nearly 200,000 families applied for the credit under the old eligibility rules. In addition, the law will increase the income tax level for LICTR eligibility from $ 22,000 to $ 36,000, increase the maximum refund from $ 450 to $ 730, and index the refund to inflation so that over time its value does not erode.