New Mexicans can expect their first rebate payments sometime in June, according to new details on a recently enacted program to offset high gas prices and other rising living costs.
The state’s Taxation and Revenue Department specified earlier this week that the first of two rebate payments will arrive sometime in June. (May was previously floated as a possibility.) The department also provided on its website some answers to potential questions from taxpayers.
Most New Mexicans can expect three rebate payments, each arriving in June, July and August. The July rebate payment — $500 for married couples and $250 for single filers — is available only for those under certain income limits, specifically $150,000 for joint returns and $75,000 for single filers.
The New Mexico State Legislature earlier this month also approved rebates for all New Mexico taxpayers. They will be either $1,000 for joint filers or $500 for single filers.Those rebates will be split into two payments, one in June and another in August. They are available to all taxpayers who filed a personal income tax payment, regardless of their income level, and no extra application or form is required.
Residents will receive each rebate to the same account in which they would have received a tax return or paid taxes — via direct deposit or check.
Taxpayers who filed for an extension will receive the rebates shortly after their returns are processed, according to the state. The deadline for taxpayers filing their returns to receive the rebates is May 31, 2023.
The money will be provided to residents who filed taxes, regardless of whether they have a Social Security Number or an Individual Tax Identification Number.
Taxpayers who owe back taxes might see their rebates cut to offset any of what they owe, according to the state.
The state also has $20 million — available on a first-come, first-serve basis — for New Mexicans who do not file taxes. Single individuals who apply for that money can receive $500, and households with married couples or one or more dependents can receive $1,000.
More information about that will come from the New Mexico Human Services Department, which does not yet appear to have launched an application for those seeking that money. An HSD spokesperson did not immediately respond to a request for comment on Tuesday morning, but we’ll update this story if we hear back.
The state also said “it can be advantageous” for all residents to file an income tax return, even if they don’t tend to owe the state any taxes, because it would qualify them for some cash benefits like refundable credits. That might be an option for someone who seeks money after HSD has run through the $20 million.