Tax rebates of $500 per person are set to go out in mid-June, Gov. Michelle Lujan Grisham announced Friday.
“Prices for basic necessities continue to be high across the nation,” Lujan Grisham said in a news release. “Our state today is in a fantastic financial position, and it’s important to me that New Mexico’s families are sharing in that success.”
The total amount of the rebates is $673 million.
The New Mexico Taxation and Revenue Department will begin sending $500 to single tax filers and $1,000 to joint filers, married taxpayers, heads of household and surviving spouses in June.
“Any New Mexico resident who filed a 2021 New Mexico Personal Income Tax return and who was not declared as a dependent on another taxpayer’s return will receive the rebates automatically,” a news release states.
Taxpayers who had their 2021 tax refunds be direct deposited will also receive the rebate via direct deposit. Everyone else will receive a check in the mail. Direct deposits are set to be distributed first with checks being mailed over the following weeks beginning in mid-June.
“Our staff is already hard at work preparing this next round of rebates, which we know New Mexicans are eager to get,”TRD Secretary Stephanie Schardin Clarke said in the news release.
Eligible New Mexicans have until May 31, 2024 to file a 2021 New Mexico Personal Income Tax return to qualify for the rebates.
Taxpayers who have moved to a different address since filing their 2021 return can update their addresses using the Taxpayer Access Point self-service portal or by submitting Form RPD-41260, Personal Income Tax Change of Address Form to the Taxation and Revenue Department as soon as possible, the news release states.
Taxpayers whose banking information has changed since they submitted their 2021 returns will receive the rebate by mail.
New Mexico residents who are not required to file income taxes because of their income level will have the option of applying for relief payments on a first-come, first-serve basis through the state Human Services Department, the news release states.
Applications are not available at this time but a public announcement will come out before the application process begins. Funds for these rebates are limited to $15 million as appropriated by the Legislature.
Relief payments to non-filers will be sent in July.
“TRD urges non-filers to consider filing a New Mexico income tax return even if they are not required to do so,” the news release states.
For more information, visit the TRD website tax.newmexico.gov.