Albuquerque, NM (KKOB) –It was announced Wednesday that Governor Michelle Lujan Grisham will opt New Mexico into the Federal Scholarship Tax Credit. The FSTC opens a new public school funding opportunity for literacy and math initiatives, after school programs, and computer resources. Coming in 2027 taxpayers can claim a federal income tax credit of up to $1700 annually, $3400 for joint filers, for qualifying cash donations to approved nonprofit scholarship-granting organizations. Scholarships will be available to students in public and private schools. The governor’s administration will certify all scholarship granting organizations that meet the criteria required by law. The scholarships give families practical help where students need it most like helping pay for tutoring, a computer, even internet access. The credit will be claimed against federal income taxes and does not create a new state tax credit.
