New Mexico 2025 Regular Session

New Mexico House Bill HB542 Compare Versions

Only one version of the bill is available at this time.

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28	28	HOUSE BILL 542
29	29	57
30	30	TH LEGISLATURE
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33	33	STATE
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39	39	MEXICO
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42	42	FIRST SESSION
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45	45	2025
46	46	INTRODUCED BY
47	47	John Block and Angelita Mejia and Rebecca Dow
48	48	AN ACT
49	49	RELATING TO TAXATION; CREATING THE CHILDBIRTH INCOME TAX
50	50	CREDIT.
51	51	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
52	52	SECTION 1. A new section of the Income Tax Act is enacted
53	53	to read:
54	54	"[NEW MATERIAL] CREDIT--CHILDBIRTH INCOME TAX CREDIT.--
55	55	A. A taxpayer who is a resident, who is not a
56	56	dependent of another individual and who gives birth to a child
57	57	may claim a credit against the taxpayer's tax liability imposed
58	58	pursuant to the Income Tax Act for the taxable year in which
59	59	the child is born. The credit authorized pursuant to this
60	60	section may be referred to as the "childbirth income tax
61	61	credit".
62	62	B. The amount of the tax credit shall be in an
63	63	.229516.2 underscored material = new
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90	90	amount equal to seven thousand dollars ($7,000) for the taxable
91	91	year the taxpayer gives birth to a child.
92	92	C. A taxpayer shall apply for certification of
93	93	eligibility for the tax credit from the children, youth and
94	94	families department on forms and in the manner prescribed by
95	95	that department. Only one tax credit shall be certified per
96	96	taxpayer per taxable year. If the children, youth and families
97	97	department determines that the taxpayer meets the requirements
98	98	of this section, that department shall issue a dated
99	99	certificate of eligibility to the taxpayer providing the amount
100	100	of tax credit for which the taxpayer is eligible and the
101	101	taxable years in which the credit may be claimed. The
102	102	children, youth and families department shall provide the
103	103	department with the certificates of eligibility issued pursuant
104	104	to this subsection in an electronic format at regularly agreed
105	105	upon intervals.
106	106	D. That portion of the tax credit that exceeds a
107	107	taxpayer's income tax liability in the taxable year in which
108	108	the credit is claimed shall be refunded to the taxpayer.
109	109	E. A taxpayer allowed to claim a tax credit
110	110	pursuant to this section shall claim the tax credit in a manner
111	111	required by the department. The credit shall be claimed within
112	112	three taxable years of the end of the year in which the
113	113	children, youth and families department certifies the credit.
114	114	F. The credit provided by this section shall be
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143	143	included in the tax expenditure budget pursuant to Section
144	144	7-1-84 NMSA 1978, including the annual aggregate cost of the
145	145	credit."
146	146	SECTION 2. APPLICABILITY.--The provisions of this act
147	147	apply to taxable years beginning on or after January 1, 2025.
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149	149	.229516.2