Senator David Gallegos Proposes Tax Credit Increase for Special Needs Adoptions
Senate Bill 277 increases tax credit for families who adopt special needs children by 100%
SANTA FE – Senate Bill 277 was today considered by the Senate Tax, Business and Transportation Committee where it received bipartisan support. The bill, sponsored by Senator David Gallegos (R-Eunice), seeks to increase the tax credit given to families who adopt special needs children from $1,000 to $2,000 annually. The credit amount has not been adjusted since it was first passed in 2007.
Senator Gallegos issued the following statement regarding his bill:
“I want to thank the foster families and adoptive families who work to support and love our special needs children. This credit is a small ask but it would make a big difference for these families who have already sacrificed so much to give their children the best life possible. I hope the bill will be included in the final budget approved by the Senate Finance Committee and I urge my colleagues to support this effort.”
Senate Bill 277 will be held in the Senate Tax, Business and Transportation Committee until the state budget framework is completed.