"New Mexico is already providing up to $1,500 in tax rebates to taxpayers this year with the state awash in revenue, but Republican gubernatorial candidate Mark Ronchetti said Tuesday he wants to make the rebates an annual occurrence." — Dan Boyd
A proposal released by Mark Ronchetti would provide $100 annually to every resident—including children—for every $1 billion the state collects in oil and gas revenue. The caveat? Less revenue would likely be flowing into the childhood trust fund.
"A proposal released by Ronchetti would mean a $100 annual rebate for every New Mexican – including children – for every $1 billion the state collects in oil and natural gas revenue, which would likely mean less money flowing into an early childhood trust fund." —Dan Boyd
Ronchetti says he would rather have the money go directly towards families—not government spending.
“New Mexicans deserve to benefit directly and regularly from oil and gas royalties, and choose for themselves how to spend and invest those funds...This plan gives our families a direct stake in the industry, each and every year.” —Mark Ronchetti
This year's rebates are funded by New Mexico's oil revenue.
"This year’s rebates are funded by the state’s oil-driven revenue bonanza. They were passed by lawmakers in two separate bills this year and signed into law by Gov. Michelle Lujan Grisham, a Democrat who is seeking reelection this year. The first round of $250 rebates – or $500 for married couples filing jointly – were sent out last month, though some eligible New Mexicans are still waiting for their rebate checks to arrive.The second round of rebate checks are being sent out this month, with a final round scheduled for August. While Lujan Grisham previously questioned whether rebates would help grow New Mexico’s economy, the governor said this year’s financial relief payments will help New Mexico families pay for food and other basic supplies." —Dan Boyd