You can now claim a new $600 child tax credit in New Mexico
New Mexico families can now claim a child tax credit of up to $600 per child. Eligible families must file a state tax return to receive the new child tax credit in New Mexico. The New Mexico Department of Revenue began accepting individual income tax returns yesterday, January 29th.
New Mexico’s New Child Tax Credit: How to Claim It
In 2022, New Mexico created its own child tax credit program, and in 2023, lawmakers increased the value of the credit through House Bill 547. This new credit is estimated to provide $180 million to 292,000 households across the state, according to the New Mexico Department of Taxation and Revenue. department.
“We know the child tax credit reduces child poverty, so this is another important step toward supporting New Mexican families,” Gov. Michelle Lujan Grisham said in a news release.
As tax season begins, eligible families can claim a new child tax credit in New Mexico, receiving between $25 and $600 per eligible child. The deadline for paper returns is April 15th, and electronic returns can be submitted until April 30th.
The New Mexico Department of Taxation and Revenue encourages taxpayers to file electronically early. Filing electronically minimizes processing delays and ensures faster refunds. On the other hand, filing early reduces the chance that “a false return will be filed in your name,” the department says.
New Mexico’s new child tax credit is refundable. This means that taxpayers will receive the full amount, even if the deduction is more than their tax liability. Additionally, credit is income-based, so as your income increases, the amount of credit decreases.
For example, those with an adjusted gross income (AGI) of $25,000 or less will receive the full $600, while those with an AGI of $350,000 or more will receive $25.
Recipients do not need to report the credit as income when filing their state returns. This credit may have federal income tax implications for taxpayers.
How to Claim Unclaimed Rebates in 2022
In 2022, the state of New Mexico sent millions of dollars in rebates to help residents cover the rising cost of living. But as of last month, more than $6 million in refunds had not been claimed, the state Tax and Revenue Department (TRD) said.
Unclaimed rebates mostly consist of rebates that were mailed but returned as undeliverable. These unclaimed rebates are now held in TRD’s Unclaimed Real Estate Office.
If you think you are eligible for a 2022 refund but did not receive it, you can search for your missing refund in our unclaimed property database. You must enter a name to search the database.
If you do not receive your rebate, please contact TRD at: (email protected). According to TRD, recipients must provide an updated mailing address to receive the rebate payment.
For more information about searching for and filing unclaimed property, visit the department’s website.
