Reported by CommitteeFiled Feb 3, 2026
Sponsor: Lente, Derrick J.
Latest Action
action postponed indefinitely
Mar 24, 2026
Summary
It changes state law so qualifying New Mexico taxpayers can claim a credit equal to 25% of the federal Earned Income Tax Credit, up from the current 20% rate. The credit applies to resident individuals filing state returns, including those who would qualify for the federal credit but lack an ID number or are under age 25. The increase is refundable and takes effect for tax years beginning on or after Jan 1 2026.
AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.
Topics
Track this bill
Get real-time alerts when HB 296 changes status, plus AI-powered summaries and stage predictions.
Sign up free