Post-session Review Many of the policies enacted during the 2023 legislative session mean big wins for New Mexico's families. This fact sheet lists some of the highlights, along with some policies that were either not passed or were passed and then vetoed.
Another Tax Day has come and gone, which makes it a great time to mention some of the improvements our state leaders have made to our tax system over the last several years. The big news is the creation and expansion of our Child Tax Credit, which we know is one of the best and most effective ways to help our families and their growing children.
Santa Fe New Mexican--“It’s hard to overstate the impacts of ensuring that all families can afford great child care and great early childhood experiences for their kids,” Wallin said. “We know that … access to great early care programs can lead to increased graduation rates, decreased criminal justice incidences, strengthened economic security for families for multiple generations. Those are all things that we can expect to see long term,” she added.
Santa Fe New Mexican--Through the Opportunity Enterprise Fund, there is now $70 million available “to increase economic activity in the state by providing financing for new or existing commercial facilities to attract businesses to New Mexico communities and allow existing businesses to expand their operations.”
NM Political Report--“Research shows what types of public policy is most impactful for reducing child poverty. Earned income tax credits and child tax credits are some of the most effective ways to reduce child poverty. It was one of the most critical bills under consideration at the legislature,” Wallin said.
Chalkbeat--Emily Wildau, a research and policy analyst at the nonprofit New Mexico Voices for Children, says that after chronic absenteeism shot up in the state during the pandemic, many students would benefit from more consistent tutoring that’s part of their school day.
Santa Fe New Mexican--New Mexico’s greatest asset is its cultural, ethnic and racial diversity. Our people are the heart of our state, and now, our Legislature is recognizing that in a big way. It’s not an exaggeration to say the tax omnibus bill currently under consideration (House Bill 547) does more to improve economic opportunity and equity in our tax code than any legislation in our state’s history.
Fact Sheet Decades of structural racism – in everything from education to voting rights, home ownership, and even drug sentencing laws – have advantaged whites while disadvantaging people of color. This has led to huge gaps in income and wealth, and the state's tax system only makes them worse. (State-level data on income, wealth, and tax incidence by race and ethnicity.)
New Mexico is leading the way in providing all students with tuition-free higher education, and the Opportunity Scholarship has already shown results. That's why the Senate Finance Committee should fully fund the Opportunity Scholarship and keep it free of any guardrail language regarding its administration.
Albuquerque Journal--Amber Wallin, the executive director of New Mexico Voices for Children, a nonprofit group that’s advocated for the child tax credit and other policies, said more than 90% of state taxpayers would see a tax cut under the proposed personal income tax code changes. “All of these things improve fairness in the tax code and level the playing field,” Wallin said Monday.