HOUSE BILL 503

48th legislature - STATE OF NEW MEXICO - first session, 2007

INTRODUCED BY

Al Park

AN ACT

RELATING TO TAXATION; PROVIDING AN INCOME TAX CREDIT FOR CLASSROOM TEACHERS.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

     Section 1. A new section of the Income Tax Act is enacted to read:

     "[NEW MATERIAL] CREDIT--CLASSROOM TEACHERS.--

          A. A resident who files an individual New Mexico tax return, who is not a dependent of another individual and who was employed during the taxable year as a classroom teacher may claim a credit in the amount of five hundred dollars ($500), provided that the amount of taxable income included on the tax return filed by the taxpayer for the taxable year does not exceed one hundred thousand dollars ($100,000).

          B. A husband and wife who file separate returns for a taxable year in which they could have filed a joint return may each claim only one-half of the credit that would have been allowed on a joint return.

          C. The credit provided in this section may only be deducted from the taxpayer's income tax liability for the taxable year.

          D. As used in this section, "classroom teacher" means an individual who was employed during at least nine months of the taxable year by a New Mexico public school district or a New Mexico accredited private school to teach students enrolled in any grade from kindergarten through twelfth grade."

     Section 2. APPLICABILITY.--The provisions of this act apply to taxable years beginning on or after January 1, 2007.

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