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Thursday, September 29, 2022

Mexico Tax Rebate 2022: How to claim the new $500 Stimulus checks?

A new tax rebate was passed by lawmakers on Tuesday to help citizens make ends meet in New Mexico, United States, as it aims to provide some financial support against the backdrop of a rise in inflation and increasing gas prices.

New Mexico will now provide individual adults with 500 dollar checks, with households receiving 1,000 dollar payments after the bill was approved by the US state.

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The Senate voted 35-1 and the House voted 51-13 in favour of the new aid package, one which will reportedly distribute around 700 million dollars to New Mexico residents.

Elderly people with little or no income, as well as undocumented immigrants are also set to receive payouts as an assistance from the state for those who are struggling financially due to the inflation.

Are the new payments beneficial long-term?

Republican state representative Randal Crowder expressed his uncertainty on whether these new checks will prove to be beneficial for New Mexico citizens in the long run.

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“It’s going to be a good boost, but it’s going to add to inflation,” Crowder said.

“It’s going to put more pressure and pain on people who are not going to be able to deal with it. We’re pouring gas on a roaring fire.”

How to claim the new 500 dollar checks?

According to the Legislative Finance Committee, as many as 490,000 New Mexicans could potentially receive 500 dollars each in tax rebates following the passage of the bill.

“Our state’s productive budget surplus allows us to deliver much-needed financial relief to our citizens as they face the ripple effects of these costs,” said state representative Christine Chandler.

Citizens who file their taxes individually will get 500 dollars distributed in two payments, while couples and heads of household filers will receive a total amount of 1,000 dollars, with the first payment coming in June and the second check coming two months later in August.

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