SB 87 — INCREASING THE WORKING FAMILIES TAX CREDIT

SENATE BILL 87 5454TH THLEGISLATURE LEGISLATURE- STATE OF NEW MEXICO - STATEOFNEWMEXICO- SECOND SESSION , 2020 INTRODUCED BY Gerald Ortiz y Pino 6This 8document 10incorporates ANamendments ACTthat RELATINGhave TObeen TAXATION;adopted during the current legislative session.

INCREASINGThe THEdocument AMOUNTis OFa THEtool WORKINGto FAMILIESshow TAXthe CREDIT;amendments in context and is not to be used for the purpose of amendments.

PROVIDING AN INCREASEDACT AMOUNTRELATING OFTO CREDITTAXATION; FOR A TAXPAYER WHO CLAIMS A DEPENDENT UNDER THE AGE OF SIX.

15INCREASING BE IT ENACTED BY THE LEGISLATUREAMOUNT OF THE STATEWORKING OFh NEWFAMILIES MEXICO:TAX CREDIT;

SECTIONPROVIDING 1.AN INCREASED AMOUNT OF CREDIT g o FOR A TAXPAYER SCORCº WHO CLAIMS A DEPENDENT»SCORC SCORCºWITH A t hr g e i k QUALIFYING CHILD»SCORC UNDER THE AGE OF SIX.

Sectionh 7-2-18.15r NMSAi 1978s (beingh Laws, 2007,t, eBE tIT 17ENACTED ChapterBY 45,THE SectionLEGISLATURE 9,OF asTHE amended)STATE isOF amendedNEW toMEXICO: read:

we u g e b l ne de 18h "7-2-18.15.SECTION 1.

WORKINGSection FAMILIES7-2-18.15 TAXNMSA CREDIT.--1978 (being Laws 2007, n d d i = = 19o A.h Chapter 45, Section 9, as amended) is amended to read:

Al resident] whob files,d an individual New Mexico a l i a eº r 20 income tax return may claim a credit in an amount equal to a t m m 21 [seventeen percent ] the following percentages of the federal d r e 22"7-2-18.15. income tax credit for which that individual is eligible for the c e s k 23 same taxable year pursuant to Section 32 of the Internal e a n b 24 Revenue Code, as that section may be amended or renumbered:

uWORKING [FAMILIES (1)TAX forCREDIT.-- ar residenti who= claimsr at dependente whow .216099.1d ism undera then ageo ofA. six during any part of the taxable year for which the credit is claimed, thirty percent;

A resident who files an individual New Mexico d m :

b e d s º o t n = .216099.1AIC February 16, 2020 (4:45pm) s k m e e a n e d r e l u [ A d income tax return may claim a credit in an amount equal to [seventeen percent ] the following percentages 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, as that section may be amended or renumbered:

(1) for a resident SCORCºwho claims a dependent»SCORC SCORCºwith a qualifying child, as that term is used in Section 32 of the Internal Revenue Code,»SCORC who is under the age of six during any part of the taxable year for which the credit is claimed, thirty percent;

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 h section.

If the credit exceeds the individual's income tax u » r liability for the taxable year, the excess shall be refunded to t h g e l i the individual." h r i s SECTION 2.

APPLICABILITY.--The provisions of this act h , e h apply to taxable years beginning on or after January 1, 2020.

-t 2u -g 16 e eb 17l e e , gh - 2 - n d 18d i = = o h l ] 19b a,d l r i 20 t e a tº mr m 21 e d r e= 22t c e rw cd 23m e a n bo 24d um [: .216099.1

b r e t º o t n = .216099.1AIC February 16, 2020 (4:45pm) s k m e e a n e d r e l u [ A d