Child Tax Credit: Payment worth $683 per child to be sent to New Mexico families in 2024

While the Biden administration‘s monthly child tax credit to help families with the costs of raising children has ended, multiple states are issuing their own versions of the child tax credit.

New Mexico is offering a nonrefundable credit worth up to $683 per child, now scheduled to expire in 2032. Earlier this year, Gov. Michelle Lujan Grisham (D-NM) approved a bill to increase the child tax credit for the lowest three incomes. Applying to taxable years beginning on or after Jan. 1, 2023, the lowest brackets would see $600, $400, and $200, up from $175, $150, and $125 respectively.

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“Expanding the Child Tax Credit will help over 200,000 New Mexico families and broaden our successful effort to reduce child poverty rates, which dropped by a full percentage point between 2019 and 2021,” the New Mexico governor said in an April press release. “Cutting the gross receipts tax for health care practitioners will lower costs for patients and keep more doctors in New Mexico, and increasing our support for film and television will leverage more private investment in our state and mean more jobs for New Mexicans.”

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In 2021, the Biden administration announced an extension to the monthly CTC payments, increasing the maximum child credit from $2,000 per child to $3,600 per child younger than six or up to $3,000 per child ages six through 17. However, the expanded federal child tax credit expired in 2022. New Mexico is one of several others now implementing or revamping previous state child tax credits.

New and expanded tax credits are being offered in five states, including Oregon, Colorado, Minnesota, New Jersey, and Vermont. Those states are offering refundable credits of $1,000 per qualifying child or more. Fourteen states total provide child tax credits.