New Mexico HB14: Earned Income Tax Credit

What the bill says

From the enrolled text:

FIFTY-SEVENTH LEGISLATURE FIRST SESSION, 2025 March 21, 2025 Mr. President: Your CONFERENCE COMMITTEE, to whom has been referred HOUSE TAXATION AND REVENUE COMMITTEE SUBSTITUTE FOR HOUSE BILL 14, as amended has had it under consideration and reports same with the following recommendation: 1. All senate tax, business and transportation committee amendments be DISAPPROVED. 2. The following items of Senate Floor Amendment number 1 be APPROVED: Items 2 and 3. 3. The following items of Senate Floor Amendment number 1 be DISAPPROVED: Items 1, and 5. and that the bill be amended further as CREATING THE FOSTER PARENT AND GUARDIAN INCOME TAX CREDIT; AMENDING A GROSS RECEIPTS TAX DEDUCTION FOR HEALTH CARE PRACTITIONERS TO INCLUDE COINSURANCE PAID BY A PATIENT; INCREASING LIQUOR EXCISE TAX RATES; AMENDING THE DISTRIBUTIONS OF .232149.1 FIFTY-SEVENTH LEGISLATURE FIRST SESSION, 2025 CC/HTRC/HB 14, aa Page 2 THE LIQUOR EXCISE TAX; CREATING THE TRIBAL ALCOHOL HARMS ALLEVIATION FUND; AMENDING, REPEALING AND ENACTING SECTIONS OF THE NMSA 1978". 5. On page 18, between lines 10 and 11, insert: "SECTION 2. A new section of the Income Tax Act is enacted to read: "[NEW MATERIAL] CREDIT--FOSTER PARENT AND GUARDIAN INCOME TAX CREDIT.-- A. For taxable years ending prior to January 1, 2031, a taxpayer who is a resident, who is not a dependent of another individual and who is a …

Read the full official text

Sponsors

• Derrick J. Lente (D, HD-065) · primary sponsor
• Javier Martínez (D, HD-011) · primary sponsor

Votes

• Senate Final Passage (March 20, 2025): 36 yea, 1 nay, passed
• House Final Passage (March 15, 2025): 40 yea, 27 nay, passed

Common questions

What is HB14?

HB14 is a bill in the New Mexico Legislature (2025 Regular Session): Earned Income Tax Credit.

What is the status of HB14?

Vetoed as of March 22, 2025.

Who sponsored HB14?

Derrick J. Lente (D, HD-065), with 1 co-sponsor.

Where is the official record for HB14?

On the New Mexico Legislature website: https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=14&year=25