ALBUQUERQUE, N.M. — The tax filing deadline is coming and if you’re a parent, you’ll want to know about a child tax credit you can claim in New Mexico.

Qualifying families in New Mexico can claim a new state child tax credit. In 2022, our state joined other states in creating a credit like this.

Last year, state officials increased the value of the credit through House Bill 547. That means this is the first tax season with the credit on the table.

“A really great provision of the child tax credit is that it is fully refundable. What that means is that, if you don’t owe any taxes, you will be able to get a check or a deposit in your bank account from the state for that refund amount,” said Paige Knight, the deputy policy director at New Mexico Voices for Children.

Here’s the breakdown of the credit:

The New Mexico Taxation and Revenue Department estimates the new child tax credit will provide $180 million. They also estimate it will help nearly 300,000 families in the state. Officials say this will be a big help for many families.

“For many families in New Mexico, that means money back to help them afford those basic necessities to help buy nutritious food and hopefully help ease any financial stress,” Knight said.

The deadline is April 15 for paper tax returns and April 30 for those who file and pay electronically. If you’re looking for resources, click here.