What deductions and credits are available in New Mexico?

In New Mexico, taxpayers can benefit from several deductions and credits to reduce their tax liability. Some common deductions include the standard deduction and itemized deductions for expenses like mortgage interest, medical expenses, and charitable donations. For credits, New Mexico offers the Working Families Tax Credit, which assists low-income families, and the Low-Income Comprehensive Tax Rebate, which provides relief for qualified low-income individuals. There is also a credit for dependent care expenses, child adoption expenses, and a credit for restoring historical structures. Additionally, taxpayers can take advantage of credits for renewable energy systems, like solar panels, or investments made in certain industries, such as the angel investment tax credit for investments in startup companies. These deductions and credits help New Mexico taxpayers save money and encourage economic growth in the state.