Child Tax Credit Expansion of $600 to Benefit Over 200,000 New Mexico Families

September 9, 2023 Willy Harper Stimulus Check, US Local News 1

Child Tax Credit Expansion of $600 to Benefit Over 200,000 New Mexico Families

New Mexico Governor Michelle Lujan Grisham has signed a tax package that expanded the state’s Child Tax Credit. The new law increases the credit from $175 to $600 per child, depending on income. Now, a family with two children earning less than $25,000 per year would receive a credit of $1,200.

The Sun quoted Grisham saying in a statement following signing the tax measures into law, “Expanding the Child Tax Credit will help over 200,000 New Mexico families and broaden our successful effort to reduce child poverty rates, which dropped by a full percentage point between 2019 and 2021,” 

Child Tax Credit benefits

Expanding the Child Tax Credit will benefit over 200,000 New Mexico families. It is estimated to reduce child poverty in the state by 1.5 percentage points.

The new law also includes some other tax cuts and rebates, such as a $500 rebate for single filers and a $1,000 refund for married couples, heads of household, and surviving spouses.

Costs $250 million

The tax package is expected to cost the state $250 million in revenue. However, Governor Grisham has said that the benefits of the tax cuts and rebates outweigh the costs.

Expanding the Child Tax Credit is a significant victory for families in New Mexico. It will provide much-needed financial assistance to families with children and help to reduce child poverty in the state.

Related Stories:

Deadlines Approaching For Americans To Claim Child Tax CreditsChild Tax Credit: How States Could Cut Child Destitution by 25% with the Aid of Tax Credits Child Tax Credits 2023: Under New Plan, Families Might Receive Direct Payments Of $600Child Tax Credits 2023: Under New Plan, Families Might Receive Direct Payments Of $600 University of Michigan Study Reveals Families Benefited From Extended Child Tax Credit, Many Were Left Out Child Tax Credit Update: How Do Non-Filers Submit A Claim For Direct Payments?Child Tax Credit Update: Loss Of Advance Child Tax Credit Is Causing Greater Food Insecurity Child Tax Credit: Massachusetts Residents To Receive $400 Per ChildChild Tax Credit: Massachusetts Residents To Receive $400 Per Child Child Tax Credit: Access To New Direct Payments Up To $500 For Americans – Check If You Are Eligible California to Tax President Biden's Student Loan ForgivenessChild Tax Credit: Check If you are eligible to receive up to $630 in Pennsylvania Stimulus: Americans could see up to $300 renewed Child Tax Credit Payments This YearStimulus: Americans could see up to $300 renewed Child Tax Credit Payments This Year