An estimated 31,000 taxpayers in New Mexico have not claimed $14.3 million in child tax credits for the years 2023 and 2024. In response, the state has initiated a mailing campaign to encourage eligible families to claim their refunds.
"New Mexico’s child tax credit is an incredible tool that has already proven effective at reducing child poverty—we want every eligible family to receive the tax relief they are due," said Taxation and Revenue Department Cabinet Secretary Stephanie Schardin Clarke.
The department is sending letters titled "Notice of Potential Tax Refund Available" to those who did not claim the credit but appear eligible for $100 or more based on their income, filing status, and exemptions. Taxpayers can file or amend returns for free via the secure Taxpayer Access Point website.
To qualify, taxpayers must be New Mexico residents with qualifying children, not dependents of others, and have an adjusted gross income under $350,000. Families earning $25,000 or less can receive up to $600 per qualifying child. The amounts are adjusted annually for inflation and phase out as income increases.
Governor Michelle Lujan Grisham signed the child income tax credit into law in 2022, with further legislation in 2023 expanding benefits. In 2023, 247,856 taxpayers claimed $134.9 million in credits, while 239,978 have claimed $131.9 million so far in 2024.
For more information on the New Mexico Child Tax Credit and Personal Income Tax Information Overview or assistance, visit the Department’s contact page or call their helpline.
Information from this article can be found here.
