Tax credit bill passes Senate 37-0

The New Mexico State Capitol, known as 'The Roundhouse.'
The New Mexico State Capitol, known as 'The Roundhouse.'

ALBUQUERQUE (KRQE)– Senate voted 37-0 to pass Senate Bill 166.

The bill would allow New Mexico taxpayers to take a tax credit the following tax year for taxes on personal income that were overstated and overpaid.

The overpayment of taxes may have resulted from overstated amounts of personal income, social security, Medicaid, or Workers Compensation.

The Federal Government currently gives a tax credit on next year taxes for overpayment of taxes on personal income.

The state however, does not offer that credit as of yet.

SB 166 will create a new section of the Income Tax Act that allows taxpayers who made a ‘claw back’ repayment and has taken a federal credit to take a credit on their New Mexico income tax. provides commenting to allow for constructive discussion on the stories we cover. In order to comment here, you acknowledge you have read and agreed to our Terms of Service. Users who violate these terms, including use of vulgar language or racial slurs, will be banned. Please be respectful of the opinions of others. If you see an inappropriate comment, please flag it for our moderators to review.

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