us-nm/stat
NMSA 1978, § 7-2-18.15 — Working families tax credit
A.
A taxpayer who is a resident and who files an individual New Mexico income tax
return may claim a credit in an amount equal to twenty percent for taxable years
beginning on or after January 1, 2021, and twenty-five percent for taxable years
beginning on or after January 1, 2023, of the federal earned income tax credit for which
that taxpayer is eligible for the same taxable year or would have been eligible but for the
identification number requirement pursuant to 26 U.S.C. 32(m), as that section may be
amended or renumbered.
B.
A taxpayer who is a resident and who files an individual New Mexico tax return
may claim a credit in an amount equal to twenty percent for taxable years beginning on
or after January 1, 2021, and twenty-five percent for taxable years beginning on or after
January 1, 2023, of the federal earned income tax credit for which that taxpayer would
have been eligible for the same taxable year but for the age requirement pursuant to 26
U.S.C. 32(c)(1)(A)(ii)(II), as that section may be amended or renumbered; provided that
the taxpayer is at least eighteen years of age but has not reached the age of twenty-
five.
C.
The credit provided in this section may be referred to as the "working families tax
credit".
D.
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.
E.
As used in this section, "federal earned income tax credit" means the tax credit
allowed pursuant to 26 U.S.C. 32, as that section may be amended or renumbered.
Source: official text