When can New Mexicans expect their tax rebate?
NEW MEXICO (KRQE) – New Mexicans will soon be getting hundreds of dollars; it will be in the form of tax rebates. There will be a second round of economic relief thanks to a bill that passed during the 2023 legislative session.
New Mexicans who previously filed taxes could get up to $1,000 in rebates. During a press conference today, economic officials estimated more than 935,000 tax filers are expected to be eligible for a rebate.
“We also know that we’re in a time of elevated inflation and that New Mexicans struggle to pay for basic necessities like food and utilities…The rebates come hopefully to New Mexicans at a time where they can put that money right back into the local economy,” says Stephanie Schardin Clarke, a Tax and Revenue Secretary.
The New Mexico Human Services and the Taxation and Revenue Department say more than $15 million is available for this round of payments. New Mexican residents who used direct deposit when filing their 2021 tax returns will get rebate checks automatically through direct deposit.
Single tax filers will get $500, while married couples are eligible for $1,000. They said last year’s rebates had issues due to people filing late tax returns, but they don’t anticipate the same problem this time.
“So, this year, we have the benefit of working off of a tax filing year that is basically complete and processed; so that should be very quick,” says Clarke.
June 16 will be the magic date for people to start seeing the rebates hit their bank accounts – if they got their tax returns by direct deposit. Rebate checks will begin to be mailed out starting on June 16 and should be received via mail by the beginning of July.
Low-income New Mexicans who do not file income tax returns are eligible to apply for an economic relief payment. The legislature allocated a total of $15 million for economic relief payments, and these funds will be available to low-income applicants on a first-come, first-served basis. Those who are interested can apply at their website.
Source: KRQE News 13
