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 SANTA FE (AP) - New Mexicans earning up to $70,000 are in line for a tax rebate that will average about $87 under legislation signed into law by Governor Richardson.
The $56 million rebate was approved by the Legislature during a special session that ended last week.
Richardson signed the rebate legislation Monday, along with a proposal permanently increasing the state’s “working families tax credit.”
The largest rebates go to households earning up to $30,000: $50 for each taxpayer and dependent.
The expanded credit will be equal to 10 percent of the federal Earned Income Tax Credit that a taxpayer is qualified to receive. The maximum credit will increase by $96 to $482 for eligible families with two or more children.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
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