New Mexico 2025 Regular Session

New Mexico Senate Bill SB335 Compare Versions

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

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28	28	SENATE BILL 335
29	29	57TH LEGISLATURE - STATE OF NEW MEXICO - FIRST SESSION, 2025
30	30	INTRODUCED BY
31	31	Michael Padilla
32	32	AN ACT
33	33	RELATING TO TAXATION; CREATING THE FOSTER PARENT AND GUARDIAN
34	34	INCOME TAX CREDIT.
35	35	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
36	36	SECTION 1. A new section of the Income Tax Act is enacted
37	37	to read:
38	38	"[NEW MATERIAL] CREDIT--FOSTER PARENT AND GUARDIAN INCOME
39	39	TAX CREDIT.--
40	40	A. A taxpayer who is a resident, who is not a
41	41	dependent of another individual and who is a foster parent or a
42	42	guardian of a child may claim a credit against the taxpayer's
43	43	tax liability imposed pursuant to the Income Tax Act. The
44	44	credit authorized pursuant to this section may be referred to
45	45	as the "foster parent and guardian income tax credit".
46	46	B. The amount of the tax credit shall be in an
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74	74	amount equal to five hundred dollars ($500) for each month the
75	75	taxpayer is a foster parent or guardian of a child in the
76	76	taxable year in which the tax credit is claimed; provided that
77	77	the taxpayer shall be a foster parent or guardian for more than
78	78	fifty percent of that month; and provided further that the
79	79	maximum amount of credit that may be claimed by a taxpayer in a
80	80	taxable year is six thousand dollars ($6,000).
81	81	C. A taxpayer shall apply for certification of
82	82	eligibility for the tax credit from the children, youth and
83	83	families department on forms and in the manner prescribed by
84	84	that department. Except as provided in Subsection E of this
85	85	section, only one tax credit shall be certified per taxpayer
86	86	per taxable year. If the children, youth and families
87	87	department determines that the taxpayer meets the requirements
88	88	of this section, that department shall issue a dated
89	89	certificate of eligibility to the taxpayer providing the amount
90	90	of tax credit for which the taxpayer is eligible and the
91	91	taxable years in which the credit may be claimed. The
92	92	children, youth and families department shall provide the
93	93	department with the certificates of eligibility issued pursuant
94	94	to this subsection in an electronic format at regularly agreed
95	95	upon intervals.
96	96	D. That portion of the tax credit that exceeds a
97	97	taxpayer's income tax liability in the taxable year in which
98	98	the credit is claimed shall be refunded to the taxpayer.
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127	127	E. Married individuals filing separate returns for
128	128	a taxable year for which they could have filed a joint return
129	129	may each claim only one-half of the tax credit that would have
130	130	been claimed on a joint return.
131	131	F. A taxpayer allowed to claim a tax credit
132	132	pursuant to this section shall claim the tax credit in a manner
133	133	required by the department. The credit shall be claimed within
134	134	one taxable year of the end of the year in which the children,
135	135	youth and families department certifies the credit.
136	136	G. The credit provided by this section shall be
137	137	included in the tax expenditure budget pursuant to Section
138	138	7-1-84 NMSA 1978, including the total annual aggregate cost of
139	139	the credit.
140	140	H. As used in this section:
141	141	(1) "child" means an unemancipated individual
142	142	who has not reached eighteen years of age;
143	143	(2) "foster parent" means a person licensed or
144	144	certified by the children, youth and families department or a
145	145	child placement agency to provide care for children in the
146	146	custody of the department or agency; and
147	147	(3) "guardian" means a person appointed as a
148	148	guardian by a court or an Indian tribal authority pursuant to
149	149	the Kinship Guardianship Act, but does not include a person
150	150	appointed as a guardian ad litem."
151	151	SECTION 2. APPLICABILITY.--The provisions of this act
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