New Mexico is set to welcome the new year with a slew of state laws aimed at benefiting its residents. The Taxation and Revenue Department is introducing changes to the state tax code that will result in decreased taxes for individuals, particularly those at low- and middle-income levels. The amended tax structure will feature six brackets with rates ranging from 1.5% to 5.9%. Another positive development is the increased reimbursement rates for health care providers delivering crucial services such as maternal and child health care, primary care, and mental health care.
On the flip side, there are new requirements for individuals receiving food benefits from the Supplemental Nutrition Assistance Program (SNAP). Recipients in certain counties and Pueblos will need to demonstrate that they are engaged in full-time work, volunteering, interning, or attending school to continue receiving benefits. The Office of the Superintendent of Insurance is also implementing changes to the Health Care Purchasing Act to limit the use of step therapy by insurance companies.
Overall, these new laws aim to create a more beneficial environment for New Mexicans in terms of taxes, healthcare, and access to essential medications.
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