Tax Relief from Tariffs and High Costs Act
Sponsored By: Representative Vasquez
Introduced
Summary
A one-year refundable tax credit equal to 10% of a taxpayer's federal income tax liability for 2025. It would target taxpayers with modified adjusted gross income (MAGI) below $100,000 for singles and $200,000 for joint filers.
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- Families and households under the income limits would get a credit equal to 10% of their federal tax liability for 2025, reducing taxes owed or increasing refunds.
- Low-income taxpayers who owe little or no federal tax could receive a refund because the credit is refundable.
- Taxpayers with modified adjusted gross income above $100,000 single or $200,000 joint would not be eligible.
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Bill Overview
No Economic Impacts Identified for this Bill
Sponsors & CoSponsors
Sponsor
Vasquez
NM • D
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
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