Though 2023 has been marked by few stimulus checks from state governments when compared with the previous year, some states continue to give support to residents. New Mexico is one such state and Gov. Michelle L. Grisham has said that the latest round of rebates should be out in mid-June.
New Mexico is among a handful of American states that have sent out multiple rounds of stimulus checks to residents both during and after the pandemic and again in 2022. The 2022 inflation relief stimulus checks
New Mexico Families Received Inflation Stimulus Checks Of Up To $1,500
Even as Americans nationwide felt squeezed by all-around rising prices fueled by inflation, around 20 states sent out stimulus checks to help residents face the burden. In New Mexico, that support was through two tax rebate stimulus checks spread over 3 payments. The final round of revenues in 2022 was in August.
Stephanie S. Clarke, the state Secretary of Taxation and Revenue had stated in a press release that the state realized the extent to which New Mexicans needed immediate support. She said that the Democratic state government was working to send out the rebates and relief stimulus checks as quickly as possible.
By August 15 last year, around 2.4 million rebate stimulus checks had been issued to New Mexicans.
The inflation relief tax rebates and stimulus checks were theresultst of two pieces of legislation passed in the state legislature. One was during the regular session of the legislature and the other was approved during a special session.
In all, they provide up to $1,500 to eligible residents who filed their 2020 and 2021 state income tax returns.
Amber Wallin of New Mexico Voices, a non-partisan advocacy group, said that such types of relief have proved crucial during the period of record prices. She said that the money could be especially significant for vulnerable families, including families with children, women, and Black and Hispanics.
Such groups have been particularly affected by the recent economic challenges, which came soon after the debilitating blow of the pandemic and its resultant economic downturn. It resulted in the economic downside following the pandemic and also the subsequent record inflation in decades.
The New Mexico Tax Rebate Beneficiaries
The July rebates went out to taxpayers who had filed their 2021 state income tax returns and met the following guidelines regarding income and other rules.
Married couples who filed jointly received $500 while surviving spouses and heads of the household received the same if their gross income was $150,000 or less.
For single taxpayers, the stimulus check amount is $250. The same goes for married couples who file separately. The Adjusted Gross Income should be $75,000 or less.
The July rebates were just one of the three payments that New Mexico filers received. The second round of the New Mexico inflation relief payments was split into two parts. One was sent in May and June while the second followed in August.
These rebates did not have income restrictions and were issued as follows. $1,000 went out to married couples filing jointly. The exact amount went to surviving spouses, and heads of households. It was distributed as two rounds of payments in June and August.
$500 went to individual filers and married couples filing separately. It was split into two payments of $20 each in June and August.
Getting The New Mexico Tax Rebate Stimulus Check
Filers in New Mexico did not have to do anything to receive a rebate. TheTaxationn and revenue department on its own sent the stimulus checks to filers who filed their 2021 state tax return.
Those who provided direct deposit information when filing the returns received their relief payment directly to their accounts. Many also received their payments by paper stimulus checks sent through the US Postal Service.
Taxpayers received rebates regardless of whether they had filed their income tax returns with Social Security numbers or Individual Tax Identification Numbers (ITIN). The latter helped the sizable immigrant population in New Mexico. Those possessing an ITIN did not require immigration documentation.
The way the state structured this was to give access to the broadest array of residents of New Mexico.
Even Non-Filers Received The Stimulus Checks
New Mexico even set aside a portion of the funds for non-filers. $20 million went to residents who did not file their income tax returns. That money was given out on a first come first served basis to low and moderate-income households who were not required to file. Those payments were $500 for individuals while individuals with dependents and married couples received $1,000. It was a creative way of solving the problem of making sure that relief went out to people who needed it the most.
Application for the economic relief payments have been shut down and the $20 million have been expended. But people continue to receive the tax rebates. But they should have filed their New Mexico income tax returns for 2021 by the first quarter of 2023.
Eligible filers who filed their state income tax returns for 2021 by the normal deadline for filing should have received their payment by now. And for those who have not received their payment, can contact the taxation and revenue department call center at 1-866-285-2996.
Fresh Tax Relief Stimulus Checks For Residents Of New Mexico
The tax rebates and economic relief payments are the largest-ever tax reforms enacted by the state of New Mexico. The tax rebates include refundable child tax credit stimulus checks of up to $175 per child. There is also an income tax exemption for retirees from the armed forces that will initially stand for five years.
Most income from Social Security is exempt from state income tax. The gross receipts tax rate for New Mexico has also been reduced to 5%. Full-time nurses at hospitals have also been given a one-off refundable income tax credit of $1,000 for 2022.
These are over and above the expansion in 2022 of the Working Families Tax Credit and the Low-Income Comprehensive Tax Rebate.