National Interest. March 2022. New Mexico joined many other states in enacting a new state Child Tax Credit (CTC). The recently passed House Bill 163 creates a new refundable tax credit worth $175 per child and eliminates the income tax on Social Security. The new legislation also includes a three-year tax exemption for retired armed forces and a $1,000 refundable tax credit for full-time hospital nurses. 

New Mexico Passes Its Own Child Tax Credit