Tax credit bill passes Senate 37-0

ALBUQUERQUE (KRQE)– Senate voted 37-0 to pass Senate Bill 166.
The bill would allow New Mexico taxpayers to take a tax credit the following tax year for taxes on personal income that were overstated and overpaid.
The overpayment of taxes may have resulted from overstated amounts of personal income, social security, Medicaid, or Workers Compensation.
The Federal Government currently gives a tax credit on next year taxes for overpayment of taxes on personal income.The state however, does not