New Mexico HB296: INCREASE WORKING FAMILY TAX CREDIT

What the bill says

An act relating to taxation; increasing the working families tax credit.

From the introduced text, February 3, 2026:

AN ACT RELATING TO TAXATION; INCREASING THE WORKING FAMILIES TAX CREDIT. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: SECTION 1. Section 7-2-18.15 NMSA 1978 (being Laws 2007, Chapter 45, Section 9, as amended) is amended to read: "7-2-18.15. WORKING FAMILIES TAX CREDIT.-- A. A taxpayer who is a resident and who files an individual New Mexico income tax return may claim a credit in an amount equal to [twenty percent for taxable years beginning on or after January 1, 2021, and twenty-five percent for taxable years beginning on or after January 1, 2023] fifty percent of the federal earned income tax credit for which that taxpayer is eligible for the same taxable year or would have been eligible but for the identification number requirement .233648.1 wen = lairetam derocsrednu eteled = ]lairetam detekcarb[ pursuant to 26 U.S.C. 32(m), as that section may be amended or renumbered. B. A taxpayer who is a resident and who files an individual New Mexico tax return may claim a credit in an amount equal to [twenty percent for taxable years beginning on or after January 1, 2021, and twenty-five percent for taxable years beginning on or after January 1, 2023] fifty percent of the federal earned income tax credit for which that taxpayer would have been eligible for the …

Read the full official text

Sponsors

• Derrick J. Lente (D, HD-065) · primary sponsor
• Cristina Parajón (D, HD-025)
• Luis M. Terrazas (R, HD-039)

Latest actions

1. February 9, 2026: HHHC: Reported by committee with Do Pass recommendation
2. February 3, 2026: Sent to HHHC - Referrals: HHHC/HTRC
3. : Action Postponed Indefinitely

Common questions

What is HB296?

HB296 is a bill in the New Mexico Legislature (2026 Regular Session): INCREASE WORKING FAMILY TAX CREDIT.

What does HB296 do?

In its own words: An act relating to taxation; increasing the working families tax credit.

What is the status of HB296?

In committee as of February 9, 2026. Latest action: HHHC: Reported by committee with Do Pass recommendation (February 9, 2026).

Who sponsored HB296?

Derrick J. Lente (D, HD-065), with 2 co-sponsors.

Where is the official record for HB296?

On the New Mexico Legislature website: https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legType=B&legNo=296&year=26