HOME-BASED CHILD CARE INCOME TAX CREDIT

Summary

The bill lets individual New Mexico taxpayers claim a credit of $1,000 per month for each eligible child they care for at home, provided the child is not enrolled in a state‑funded or private child‑care or pre‑kindergarten program. The credit is adjusted for inflation, can be refunded if it exceeds the taxpayer’s liability, and applies to tax years starting in 2026. It targets low‑income families who rely on home‑based care and aims to offset their costs.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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