Various Income Tax Deductions

This bill proposes several changes to New Mexico's tax laws. It would create new income tax deductions for income from tips, overtime, and Social Security, and establish a new income tax credit for foster parents and guardians. The bill also repeals the Working Families Tax Credit and replaces it with an Earned Income Tax Credit, while expanding an existing income tax deduction for medical care expenses to all income levels and extending a gross receipts tax deduction for health care practitioners to include patient coinsurance.

No official summary on file for this bill · generated by Gemini 2.5 Flash from its full text