Rebates and relief payments are going out soon. Here's what New Mexicans need to know.
NEW MEXICO – New Mexicans can expect to find a sizeable deposit in their bank accounts soon as state-issued rebates are delivered in mid to late June.
Who qualifies for a rebate?
The New Mexico Taxation and Revenue Department will begin issuing rebates to those who filed 2021 personal income taxes and were not declared as a dependent by another filer. Single tax filers can expect a rebate of $500 while married couples who filed jointly, heads of household and surviving spouses can expect $1,000.
People have until May 31, 2024 to file their 2021 New Mexico Personal Income Tax return and still qualify for the rebates, according to the TRD.
Those who changed mailing addresses since filing their 2021 returns can update their information online via the Taxpayer Access Point or by submitting Form RPD-41260 to the TRD as soon as possible. People who changed banking information since filing returns will receive a check by mail.
Why are rebates being issued?
This latest round of rebates was approved by Gov. Michelle Lujan Grisham during the 2023 Legislative Session as part of the larger state budget.
“Prices for basic necessities continue to be high across the nation,” Lujan Grisham said in a news release. “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.”
The news release stated that this round of rebates will issue over $673 million back to New Mexico taxpayers.
How will rebates be distributed?
TRD will begin creating rebates on June 16 and people can expect the money to hit their bank accounts around June 21 if they received a 2021 tax return via direct deposit. Others will receive their rebates by mail in the weeks following. The first physical checks will be mailed on June 21.
Can I still receive previous rebates?
Taxpayers have until June 20, 2023 to file a 2021 return to receive the rebates enacted during the 2022 regular legislative session.
People are encouraged to make sure their mailing addresses are up to date as there were about 15,000 rebate checks returned to the TRD as undeliverable last year, according to a news release. Undeliverable rebates are turned over to the TRD’s Unclaimed Property Division after 13 months. People can file a claim of unpaid property online at www.tax.newmexico.gov/individuals/what-is-unclaimed-property/file-a-claim.
I was not required to file income tax. Am I eligible for relief payments?
For New Mexicans who were not required to file personal income taxes, the state is offering a total of $15 million on a first-come first-served basis. Applications open at 9 a.m. June 12 through the YES-NM website at www.yes.state.nm.us.
The application deadline is 5 p.m. June 23. Money will be later distributed equally among all applicants. Relief payments will be issued by the end of July once processed by the TRD.
People cannot receive both a relief payment and a rebate.
This round of relief payments was approved during the 2023 legislative session and will be delivered through a joint effort by the New Mexico Human Services Department and the TRD.
“Inflation has affected many low-income New Mexico families by increasing the costs of food, housing and other daily necessities,” said Kari Armijo, acting secretary for the state HSD, in a news release. “These relief payments will support people across New Mexico who need the extra boost to help feed, house and take care of their families.”
Where do I go if I have questions?
People with questions or who have not received a rebate after several weeks can email TRD at nm.rebates@tax.nm.gov or call 1-866-285-2996. HSD can be reached by calling 1-800-283-4465.
Leah Romero is the trending reporter at the Las Cruces Sun-News and can be reached at 575-418-3442, LRomero@lcsun-news.com or @rromero_leah on Twitter.
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This article originally appeared on Las Cruces Sun-News: Here's what New Mexicans need to know about the next round of rebates.
