VARIOUS INCOME TAX DEDUCTIONS

Summary

The measure lets New Mexico taxpayers deduct qualified tips, overtime pay and Social Security income from their state taxable income. It also replaces the Working Families Tax Credit with a new earned income tax credit and adds a credit for foster parents or guardians. The changes aim to give tax relief to workers and families.

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

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