New Mexico has started distributing the $500 rebates to eligible taxpayers. However, some taxpayers living in the state may not get the $500 New Mexico tax rebate checks, while some who moved away might still get the rebate.
Who May Not Get The New Mexico Tax Rebate Checks?
On Thursday, Governor Michelle Lujan Grisham tweeted that the $500 New Mexico tax rebate checks are on the way this week through direct deposit and physical checks. Single filers will get $500, while couples filing jointly will receive $1,000.
Residents who filed a 2021 state tax return and were not declared as a dependent on someone else’s return will get the rebate automatically, according to the New Mexico Taxation and Revenue Department.
Some taxpayers, however, may not get the New Mexico tax rebate checks because of the legislation that authorized the rebate. As per the legislation, the rebate money goes to those who filed 2021 personal income tax returns.
So, individuals and families who moved to New Mexico last year and paid 2022 taxes won’t be eligible for the rebate money. On the other hand, those who paid 2021 taxes but later moved out from the state could still be eligible for the New Mexico tax rebate checks.
As of now, the state doesn’t have any numbers on how many taxpayers fall in the above two categories.
According to the state’s Taxation and Revenue Department, using the 2021 tax year allows them to distribute the rebate money quickly. The 2021 tax returns are mostly processed, but 2022 tax returns are still being processed. Taxpayers requesting an extension have until October to file their 2022 returns.
Meanwhile, those who haven’t yet filed their 2021 return can still qualify for the rebate. Such residents have until May 31, 2024, to file their return.
When To Expect The Rebate Payment
Governor Grisham announced the tax rebate in April because of the multibillion-dollar surplus in oil income.
“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,” Governor Grisham said at the time of announcing the rebate.
The New Mexico tax rebate is estimated to cost the state about $690 million. The direct deposit will start to reflect in the bank accounts of eligible taxpayers this week. The department has started issuing physical checks and will continue mailing the checks through Thursday of next week.
All eligible taxpayers are expected to receive the rebate by early July. Taxpayers don’t need to apply for the rebate. They will get the rebate money automatically if they meet all the requirements.
Separately, New Mexico has set aside $15 million to send economic assistance payments to low-income residents, who are not required to file taxes due to their income. Such residents need to apply for economic assistance payments at www.yes.state.nm.us. The portal will remain open until 5 p.m. Friday (June 23).
This article originally appeared on ValueWalk
Top Gaining Stocks
Top Losing Stocks