A. A resident who files an individual New Mexico income tax return may claim a credit in an amount equal to seventeen percent of the federal income tax credit for which that individual is eligible for the same taxable year pursuant to Section 32 of the Internal Revenue Code. The credit provided in this section may be referred to as the "working families tax credit".
B. The working families tax credit may be deducted from the income tax liability of an individual who claims the credit and qualifies for the credit pursuant to this section. If the credit exceeds the individual's income tax liability for the taxable year, the excess shall be refunded to the individual.
History: Laws 2007, ch. 45, § 9; 2008 (2nd S.S.), ch. 4, § 1; 2019, ch. 270, § 13.
Cross references. — For Section 32 of the Internal Revenue Code, see 26 U.S.C § 32.
The 2019 amendment, effective June 14, 2019, increased the amount of the working families tax credit; and in Subsection A, after "amount equal to", deleted "ten" and added "seventeen".
Applicability. — Laws 2019, ch. 270, § 59 provided that the provisions of Laws 2019, ch. 270, § 13 apply to taxable years beginning on or after January 1, 2019.
The 2008 amendment, effective November 17, 2008, increased the working families tax credit from eight to ten percent of the federal income tax credit.
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