New Mexico taxpayers could be taking home an additional $500 or $1,000 this year, pending a flick of Gov. Michelle Lujan Grisham’s pen. House Bill 547, which passed the state House and Senate on March 18, would offer rebates to New Mexico taxpayers who filed 2021 returns.
But how do these rebates work?
At the moment, details are scarce as the New Mexico Department of Taxation and Revenue awaits action from the governor, who has until April 7 to sign the bill. But, a spokesperson for the department said it would be most akin to one of two rebates offered last year.
As the bill currently stands, the 2023 rebates would be sent to New Mexicans who filed 2021 taxes (those were the returns due by April 2022), regardless of income. That’s most similar to rebate legislation passed in a special session last year, which sent two waves of rebates, totalling $500 for individuals and $1,000 for married couples filing jointly. The rebates were mailed out to all New Mexican taxpayers who filed for state taxes the year prior.
Less similar was the first $250 2022 rebate, which was income-restricted; only New Mexicans making less than $75,000, or married couples making less than $150,000 were eligible.
Lawmakers directed the state to distribute the 2023 rebates “as soon as practicable.” A spokesperson for NMTRD said that hopefully, if the governor signs off on HB547, checks will reach mailboxes faster — the department will likely outsource check printing to Wells Fargo, which vastly increases the daily output.
The rebates last year were not subject to federal or state taxes.
Journal reporter Dan McKay contributed to this story.