Child Tax Credit: $175 may be available to parents for higher living costs

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.

There may also be a refundable income tax rebate worth $250-$500 depending on filing status.

Will I need to pay the CTC back?

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.

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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.