New Mexico has released its tax rebates in three separate waves this past year, in May, July, and August.
Rollouts of the $250 payment for single filers with incomes below $75,000 in 2021 and the $500 payment for joint filers with incomes below $150,000 occurred in July. Individuals who filed in May or August received $250, while married couples received $500.
New Mexico Increased Tax Rebates
New Mexico expects a budget surplus because of a rise in oil and gas production that may be as high as $3.6 billion. Meanwhile, Nora Meyers Sackett, the governor’s spokeswoman, said the current proposal calls for investigating rebates of around $750 per taxpayer or $1,500 for every jointly filed couple
Financial analysts on the Legislative Finance Committee project around $12 billion in income for the fiscal year 2024, which is about $3.6 billion more than the spending plan for the current fiscal year. This news of the rebate plan comes just days after lawmakers learned this.
Tax rebates can help families who are having trouble affording food and other basics, according to Amber Wallin, executive director of the child advocacy charity New Mexico Voices for Children.
Furthermore, she remarked that many households in New Mexico are having trouble making ends meet due to rising necessities prices. Many families in the state can benefit from rebates, especially those living on a tight budget or caring for young children.
Lawmakers Propose Additional Refunds
Read more: Tax Rebate 2023: Which states will continue sending refunds next year?
Meanwhile, a few committee legislators proposed spending some of the windfalls on one-off items on Monday. In an interview on Wednesday, Senate Majority Leader Peter Wirth, D-Santa Fe, said the rebate checks, if passed, would count as a one-time cost.
With almost $3 billion in projected new funds, he believes a rebate should be discussed. The question is how extensive, particular, and widespread this phenomenon is. There has to be more investigation into certain parts of the measure.
This refund, he suggested, should be passed early in the 60-day term that starts in the middle of January.
Read more: Tax Rebate 2023: Which states will continue sending refunds next year?