Tuition Tax Credits in New Mexico: Saving Money, Creating Educational Opportunities

A tuition tax credit bill, Senate Bill 355, has been introduced this session. The bill seeks to improve educational choice through a program that provides tax credits to both individuals and businesses that make contributions to a K-12 scholarship program. The scholarships are made available to students who are eligible for free/reduced price lunches.

Several other states have enacted comparable programs and have seen high levels of giving while maintaining revenue neutrality in their states, thus providing more educational choice while offsetting taxpayer costs.