What types of income tax rebates, credits and deductions are there?
You may qualify for the Low Income Comprehensive Tax Rebate if your Modified Gross Income is $22,000 or less. If you are 65 or older, you may qualify for the Property Tax Rebate if your Modified Gross Income is $16,000 or less. There is a credit available regardless if you rent or own. For Los Alamos County residents, you may also qualify for an Additional Low Income Property Tax Rebate if your Modified Gross Income is $24,000 or less. The New Mexico Child Day Care Credit is available for taxpayers who have Modified Gross Income of $21,424 or less and have day care expenses. Of course if you pay income tax to another state, you may also claim a credit for those taxes against your New Mexico tax liability. There are also deductions available to taxpayers which are unique to New Mexico. Some of these items include New Mexico tax-exempt interest and dividends, interest received on US Government Obligations and income of persons 100 years or older. Additional deductions include Net Capital
