How could New Mexicans benefit from the federal education tax credit? And how can you help?

At the Rio Grande Foundation we have been watching and waiting for Gov. Lujan Grisham to decide whether New Mexico will participate in the federal education freedom tax credit. You can see a map of all the states that ARE and ARE NOT participating here. In fact, we encourage YOU to take 5 minutes today and send the Gov. an email on the subject. 

Our friends at the American Federation for Children have created a fact sheet (see below) on the credit. Click on it for a printable version.

NEW MEXICO BY THE NUMBERS:

• If New Mexico taxpayers with $1,700 of tax liability redirect the full credit to an SGO, the dollars add up fast: $38.2 million in scholarships every year if 10% of taxpayers with $1,700
  of tax liability participate $114.6 million in scholarships every year if 30% of taxpayers with $1,700 of tax liability participate
• 310,281 New Mexico students are eligible for EFTC scholarships. New Mexico has not yet opted in. Its 310,281 eligible students can receive scholarships only if the state opts in.
• A first for New Mexico. The state currently has no ESA, voucher, or tax credit scholarship program, and so the EFTC would bring private school choice to New Mexico families for the first time.
• Most families qualify. The income limit is 300% of area median income, which averages about $268,000 for a family of four in New Mexico. Students in public, private, and charter schools are eligible.