In a move aimed at providing financial relief to its residents, New Mexico will be issuing tax rebates of up to $1,000 to eligible taxpayers. This exciting development comes as welcome news to all residents of the state who filed their 2021 taxes. Single filers will receive a generous $500, while married couples filing jointly will enjoy the full $1,000 rebate. If you’ve opted for direct deposit, your funds will be sent out as early as Tuesday, ensuring a quick and convenient delivery. For those who haven’t chosen this option, don’t worry; paper checks will be printed and distributed between June 20 and 29.
Governor Michelle Lujan Grisham (D-NM) expressed her enthusiasm for the rebates, emphasizing that it was a personal priority for her. In a statement, she stated: “Prices for basic necessities continue to be high across the nation. Our state today is in a fantastic financial position, and it’s important to me that New Mexico’s families are sharing in that success.”
It’s important to note that taxpayers who have changed their address since filing their 2021 tax return can easily update their information using the Taxpayer Access Point self-service portal on the New Mexico Taxation and Revenue Department website. Alternatively, they can submit a change of address form directly to the department. Additionally, taxpayers who have updated their banking information since submitting their 2021 tax returns will receive their rebates via check in the mail.
You have until May 31, 2024, to fill your 2021 returns
For those who have not yet filed their 2021 returns, you still have time to do so, as the deadline is May 31, 2024. So make sure to take advantage of this opportunity before it’s too late.
New Mexico is experiencing a fiscal year surplus thanks to high oil prices, and as a result, the state is expected to return over $673 million to its taxpayers. This rebate initiative is part of a larger trend across various states, where tax rebates or “stimulus” checks are being issued to eligible residents. For example, Minnesota recently approved similar tax rebates for its residents this year, while more than twenty states provided rebates and inflation relief payments to their eligible residents last year.
The New Mexico rebate checks are a great way to alleviate financial burdens and ensure that the state’s families can benefit from its economic success. Whether you qualify for a $500 or $1,000 rebate depends on your filing status for the 2021 tax year.
Most residents will receive the payment automatically, with no need for additional applications. So keep an eye on your bank accounts in mid-June, as the rebate payments will start to roll in. And if any changes have occurred since filing your 2021 return, such as a new address or updated banking information, make sure to update your details with the New Mexico Taxation & Revenue Department to ensure a smooth process.
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