SANTA FE, N.M. (KRQE) – A state lawmaker wants to put more money in the pockets of working New Mexico families. A proposed bill would raise the state’s working families tax credit, giving more help to low and middle-income families.
Around $200,000 New Mexicans could qualify for the tax credit. The bill is spearheaded by House Democrat Javier Martinez.
The working families tax credit piggybacks on the federal earned income tax credit. In the bill, it would bump up the working families tax credit from 17% to 20% for those who qualify.
Since people, 18 to 25 could also get the tax credit. “For the last 20 years, our tax policy focus has been on incentivizing corporations and the wealthiest. we are at a point where we know that it does not work. It didn’t bring jobs, it didn’t bring industry to the state, but what it did was put the burden of those tax cuts on working families like teachers, law enforcement and firefighters,” said Rep. Javier Martinez of Albuquerque.
Last year, lawmakers approved raising the working families tax credit from 10% to 17%. It was supposed to be debated on the floor but it has been pushed back to either late Thursday or Friday. If it passes it still needs to go to the Senate.
The sponsors say this change will not cost the state a dime because it reduces a tax break from the wealthiest and distributes it to lower and middle-income families.