New Mexico Tax Rebates 2022 – What Will I Receive?
In the month of March 2022, Governor Michelle Lujan Grisham signed into law income tax rebates to help New Mexican’s combat the rising costs of living and gas prices. Taxpayers will begin to receive payments in July 2022.
“New Mexicans, like all Americans, are feeling the pressure of rising costs,” Lujan Grisham stated via press release. “Coupled with the state’s robust current financial situation, there is no reason we shouldn’t be taking every action to cut costs for New Mexican seniors, families, and businesses – and today, we are doing just that.”
Rebate payments will be made by ACH deposit or check to the most recent bank account or address the taxpayer has provided to the department.
Am I Eligible for These Rebates?
Most New Mexican’s are eligible for these rebates. Any New Mexican that has a valid Social Security Number (SSN), is not considered as a dependent of someone else, and whose adjusted gross income (AGI) does not exceed a certain threshold, is eligible to receive to rebate.
Do I Need to do Anything to Receive My Rebate?
Short answer, no. If your taxes were filed for 2021 then you should receive your rebate. You can also check on your refund here. Near the center of the page there is a link that says “where is my refund.” Enter your ID (social security number), then refund amount to see the status.
How Much Money Should I Expect?
Single or married individuals filing separately will receive $500 if they make less than $150,000 per year. An additional $250 will be issued for individuals that make less than $75,000 a year.
For more information, please visit NM Taxation and Revenue.