Millions of families have found themselves struggling due to inflation, and they may soon see a child tax credit to help.
State residents in New Mexico may be lucky enough to see a refundable tax credit which would be worth $175 for each child.
This would be a one time refundable tax credit.
Under this legislation, New Mexico families could save a collective $74 million dollars.
Governor Lujan Grisham stated that the state of New Mexico’s thriving economy leaves no reason for the state to not help taxpayers.
Qualifications for the New Mexico child tax credit
In order to qualify, income requirements must be met.
Your income cannot exceed $100,000 as a single filer or $150,000 as a joint filer.
The biggest reason for this program is to help those struggling with the rising costs of living caused by inflation.