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Report: Tax credits shrink poverty for NM's kids, families

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Tuesday, December 24, 2024   

Child tax credits offer a financial lifeline to parents and can lift children out of poverty, according to a report from New Mexico's Voices for Children.

Jacob Vigil, deputy policy director for the nonprofit, noted in addition to federal child tax credits, New Mexico is one of 16 states with its own child tax credit. He said the credits, including refundable credits, are among the most effective ways to fight poverty because they return money directly to families who know best how to address their specific needs.

"These tax credits play a really important non-stigmatizing role in providing assistance to families in most need of support," Vigil explained.

In New Mexico, Vigil pointed out the state returned $132 million to almost 240,000 households this year through the state's child tax credit program. The credit varies by income level, with the largest credits available to low-income families. Because it is refundable, families can receive the full amount for which they are eligible regardless of their tax liability.

Studies show generous tax credits can lead to long-term improvements in health and higher earnings in adulthood, and also improve school performance, which increases college attendance rates. According to Vigil, extra federal child tax credits provided to families during the pandemic had a huge effect on the state's children.

"With the expansion of the federal CTC and it being refundable temporarily in 2021, that was 450,000 kids -- and that's 95% of the child population -- 32,000 children lifted out of poverty," Vigil reported.

Post pandemic, the federal child tax credit is no longer fully refundable, which means 36% of New Mexico families earning the lowest incomes are unable to access the full federal credit, while at the same time, a married couple making up to $400,000 receives the full amount of the tax credit.

Disclosure: New Mexico Voices for Children/Kids Count contributes to our fund for reporting on Children's Issues, Education, Human Rights/Racial Justice, and Immigrant Issues. If you would like to help support news in the public interest, click here.


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