New Mexico set to roll out $690M in taxpayer rebates after budget surplus

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New Mexico expects to start distributing $690 million in rebates to eligible taxpayers as early as next week, state officials announced Monday as applications for a separate tax relief program opened.

Any state resident who filed a 2021 state tax return and was not declared as a dependent on someone else’s return will receive their rebates automatically, the New Mexico Taxation and Revenue Department said at a news conference.

Single filers will get $500, while married couples filing jointly will get $1,000.

Stephanie Schardin Clarke, the department’s Cabinet secretary, said rebates will be deposited around June 21 into the bank accounts of taxpayers who received a refund by direct deposit on their 2021 return. Everyone else will get a check in the mail, which will be printed and sent out between June 20 and June 29, she said.

New Mexico residents have until May 31, 2024, to file a 2021 return and still qualify for the rebates.

Those who aren’t required to file a state tax return because of their income can apply for relief payments on a first-come, first-served basis through the state’s Human Services Department. Applications opened Monday and will be accepted through close of business on June 23.

Gov. Michelle Lujan Grisham announced the tax rebates in April, as a result of a multibillion-dollar surplus in oil income.

At the time, Lujan Grisham noted that prices remain high in a state with elevated poverty rates and low workforce participation, but said New Mexico “is in a fantastic financial position.”

Republished with the permission of The Associated Press.