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Read. Follow. Verify.New Mexico creates a foster parent and guardian income tax credit worth up to $6,000
Last action · January 23, 2026: SCC: Reported by committee to fall within the purview of a 30 day sessionSponsors: Michael Padilla and 1 other
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What This Bill Proposed
Senate Bill 88 establishes a state income tax credit of $500 per month for eligible foster parents and guardians, capped at $6,000 per taxable year, starting with tax years on or after January 1, 2026.
Qualifying foster parents and guardians can reduce their state tax liability or receive a cash refund of up to $6,000 annually, depending on the number of months they care for a child.
Who It Would Have Affected
Groups the bill's text would have affected, as described in the record. Being affected is not a position for or against it.
Foster parents
Eligible foster parents may claim a refundable income tax credit of $500 per month up to $6,000 annually.
Guardians
Qualifying court-appointed or tribal-authority guardians may claim the monthly income tax credit.
Children, Youth and Families Department
The department must review applications, issue certificates of eligibility, and transmit certification data electronically to the Taxation and Revenue Department.
Key Facts
You don't have to trust us. Each fact below is taken straight from the official document - click any one to see the exact passage, highlighted in the original.
Frequently Asked Questions
How much is the foster parent and guardian tax credit worth?
Who certifies whether a taxpayer is eligible for the credit?
What happens if the tax credit amount exceeds my income tax liability?
What else do you want to know?
News Coverage
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Votes, people, money & the original sourceWhere This Stands
This bill did not become law - Died at adjournment · in Senate committee.
Procedural history
2 actions- Jan 23, 2026SenateSCC: Reported by committee to fall within the purview of a 30 day session
- Jan 22, 2026SenateCommitteeSent to SCC - Referrals: SCC/STBTC/SFC
Version history
Only one version on file - nothing to compare yet. As later stages (committee substitute, engrossed, enrolled) are captured, the redline appears here.
View official text →Lobbying Activity
No state lobbying filings in our records match this bill. Federal lobbying reports (LDA) cover Congress, so they are not listed on state bills.
Full breakdown
Who this bill affects and the strongest case for and against it, written only from the bill’s own text.
Sponsors
Connected Entities
Sources
www.nmlegis.gov
Analysis Score
0–100- Significance20Lowered because this bill did not pass (its text scored 60)
- Controversy15Intensity of disagreement among stakeholders
- Entertainment5Compellingness for a non-policy-wonk reader
- Buzz25Current news / social attention level
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