More than a million New Mexicans to receive payments up to $1000 as legislature approves tax rebates to offset Inflation

Polarbear

An estimated 1.4 million New Mexicans will receive checks up to $1,000 per household to offset steep prices for fuel and raging inflation. A $698 million proposal to issue a hefty new round of tax rebates and cash payments won bipartisan approval in a special session. Gov. Michelle Lujan Grisham is expected to sign House Bill 2 into law.

The tax rebates would provide two payments of $500 for married couples, heads of households, or surviving spouses for a total of $1,000. Single people or married individuals who file separate tax returns would get two payments of $250 for a total of $500.The bill also includes $20 million in aid for those who have not filed income tax returns.

The House approved the bill with a 51-13 vote followed by a Senate approval on a 35-1 vote with broad support from Democrats and some Republicans. Rep. Christine Chandler said:

It’s intended to lift the burden on so many households in New Mexico.The payments will be disbursed in June and August. That way, Chandler said, the economic effect on the state will be split between two budget years

New Mexico state government is enjoying a financial windfall due to record oil production in the Permian Basin and recorded a budget surplus of $1.6 billion last year.

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