Tax rebates

Taxpayers in New Mexico will receive their tax rebates of up to $1,000 next week and part of it also is the economic relief payments.

Tax rebates and Economic Relief Payment
Up to $1,000 in tax rebates and economic relief payments will be released beginning next week in New Mexico. (Photo: Forbes)

Tax Rebates and Economic Relief Payments

The Taxation and Revenue and Human Services departments are now preparing to distribute tax rebates and economic relief payments to taxpayers and residents in New Mexico. However, an individual cannot get both benefits but only one of them.

In a published article in Rio Rancho Observer, both agencies are expected to deliver an amount of $705 million this year to cover tax rebates and economic relief payments. The source of funds is part of the spending money that Gov. Michelle Lujan authorized and the state lawmakers this year.

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How Much Will You Receive and When Will You Receive the Extra Money?

According to a published report in KOAT Action News, residents should have filed their 2021 income tax return to receive their tax rebates. Individual or single filers will receive an amount of $500 while married couples who are jointly filing together will receive $1,000.

Additionally, they will receive their tax rebates on June 21 or the middle of next week. They will receive it through direct deposits. Meanwhile, other taxpayers will have their tax rebates mailed within 10 days or from June 20 to 29.

Taxation and Revenue Secretary Stephanie Schardin Clarke said in a public briefing said, “The state has an unprecedented, historic revenue boom. The rebates are a way to share the surplus directly back with taxpayers.”

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By Neil