HOME SCHOOL CURRICULUM MATERIAL TAX CREDIT

HB 177 creates a New Mexico income tax credit for parents homeschooling children who meet specific age and educational criteria. It allows eligible parents to claim a credit equal to their annual spending on approved curriculum materials (like textbooks and workbooks), up to $2,500 per child, after certification by the public education department. The credit is refundable if it exceeds the taxpayer’s liability, and must be claimed within three years of certification. This bill directly affects homeschooling families in New Mexico who qualify under the Public School Code.