New Mexico Tax Policy Good For Low-Income Families
New Mexico – According to a new report, low-income families living in New Mexico have it better than those in other states when it comes to paying state income taxes.
According to a report by the Center on Budget and Policy Priorities, that's because New Mexico's threshold for personal income tax for working families is fairly high compared with other states.
The report was publicized by New Mexico Voices for Children, an Albuquerque-based advocacy group.
The report says one reason for New Mexico's high threshold is that the state offers two refundable tax credits for low-income residents the Working Families Tax Credit and the Low-Income Comprehensive Tax Rebate.
Copyright 2010 The Associated Press.