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Bill to give tax rebates to New Mexicans clears Senate committee
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A bill that would provide rebates to tax filers in 2023 passed its first Senate committee on a 10-0 vote on Thursday. SB 10, Additional 2021 Tax Rebates, faced no opposition in the Senate Tax, Business and Transportation Committee from the public or in committee vote. State Sen. Benny Shendo Jr., D-Jemez Pueblo, is the primary sponsor of the bill. The bill, if enacted, would provide $750 in tax rebate to single filers and $1,500 in tax rebate to joint filers, head of household and surviving spouse filers who filed tax returns for tax year 2021. The estimated cost for the state is $1 billion for Fiscal Year 2023 and $10 million in Fiscal Year 2024. The funds are nonrecurring and would take advantage of the state’s oil and gas revenue surplus.