2021 New Mexico Statutes
Chapter 27 - Public Assistance
Article 2D - Education Works
Section 27-2D-6 - Resources.
A. Liquid and nonliquid resources owned by the benefit group shall be counted in the eligibility determination.
B. A benefit group may at a maximum own the following resources:
(1) two thousand dollars ($2,000) in nonliquid resources;
(2) one thousand five hundred dollars ($1,500) in liquid resources, excluding funds deposited in an individual development account established pursuant to the Individual Development Account Act or a qualified tuition program, as defined in Section 529 of the Internal Revenue Code of 1986;
(3) the value of the principal residence of the participant;
(4) the value of burial plots and funeral contracts for family members; and
(5) the value of work-related equipment up to one thousand dollars ($1,000).
C. Vehicles owned by the benefit group shall not be considered in the determination of resources attributed to the benefit group.
History: Laws 2003, ch. 317, § 6; 2006, ch. 96, § 17; 2007, ch. 349, § 17; 2019, ch. 225, § 2.
ANNOTATIONSCross references. — For Section 529 of the Internal Revenue Code of 1986, see 26 U.S.C. § 529.
The 2019 amendment, effective January 1, 2020, provided that funds in an individual development account shall not be considered in eligibility calculations for benefits; in Subsection B, Paragraph B(2), after "liquid resources", added "excluding funds deposited in an individual development account established pursuant to the Individual Development Account Act or a qualified tuition program, as defined in Section 529 of the Internal Revenue Code of 1986", and deleted former Paragraph B(5) and redesignated former Paragraph B(6) as Paragraph B(5).
The 2007 amendment, effective July 1, 2007, changed "family opportunity account" to "individual development account".
The 2006 amendment, effective July 1, 2006, in Paragraph (5) of Subsection B, changed "individual development account" to "family opportunity account".
