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New Mexico Cit Es Fill Form

New Mexico Cit Es Fill Form

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hi I'm Mark free tax John New Mexico has enacted a state version of the Earned Income Tax Credit EITC modeled after the federal credit the state follows the same requirements for eligibility and income a resident who is eligible to claim the federal credit will also be able to claim the state version as the rules are similar the eitc is a substantial credit that seeks to reduce poverty in working-class families with low income and can be incredibly beneficial to the taxpayer when they file their return in New Mexico the state ITC is offered a ten percent of the federal credit and is fully refundable refund ability is the key to the success of the eitc as it returns money to the taxpayer letting the family keep more of what they earn throughout the year and therefore reducing poverty any portion of the credit that exceeds the residence tax liability can be issued as a refund and a family with zero liability can receive the entire credit as a refund the eitc can be used to offset

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