Connect with us

Hi, what are you looking for?

Finance

New Mexico Received Up To $1,500 In Tax Rebates This Year

Tax Rebates [Photo: Shutterstock]
Tax Rebates [Photo: Shutterstock]

Families in New Mexico have already received up to $1,500 in tax rebates. The state’s tax rebate program intends to especially help women, children, and people of color affected during the pandemic, says LaPonsie.

Tax Rebates

Tax Rebates

The state of New Mexico’s tax rebate program has been established by virtue of two pieces of legislation. One piece has been approved during a regular session and another passed during a special session of the legislature. Together, these legislations offer up to $1,500 worth of tax rebates to eligible taxpayers. There are two kinds of tax rebates the state is distributing. The first is distributed through three payments, while another is distributed through two payments. As of August 15, around 2.4 million tax rebates had already been distributed.

Who is eligible for these tax rebates?

According to LaPonsie, to be eligible for the first tax rebate, recipients must have filed a 2021 New Mexico tax return. Single filers and married couples who filed separately must earn an adjusted gross income of up to $75,000. In return, they would receive $250 worth of tax rebates. For the heads of households, married couples who filed jointly, and surviving spouses, they must earn an adjusted gross income of up to $150,000. In return, they would receive $500 worth of tax rebates. 

On the other hand, New Mexico’s second tax rebate does not have income limitations. Single filers and married couples who filed separately will receive $500 worth of tax rebates. For the heads of households, married couples who filed jointly, and surviving spouses, they will receive $1,000 worth of tax rebates.

According to the Department of Taxation and Revenue, as long as taxpayers filed a 2021 New Mexico tax return, tax rebates will be automatically distributed. Taxpayers who provided direct deposit information will directly receive the tax rebates in their accounts. Otherwise, taxpayers will receive tax rebates via paper checks sent in the mail.

Click to comment

Leave a Reply

Your email address will not be published.