The state of New Mexico has started to roll out the checks for the promised $500 tax rebate, some taxpayers may not get them.
A news update about the New Mexico tax rebates as reported by KOB 4 (Photo: KOB 4)
Why Some Are Not Eligible For The New Mexico Tax Rebates
Governor Michelle Lujan Grisham tweeted last Thursday that the promised $500 tax rebate checks will be delivered this week in the form of physical checks and direct deposit. For single and joint filers, they will get $500 and $1,000 respectively. According to the New Mexico Taxation and Revenue Department, taxpayers who filed their tax return for the year 2021 and those who are not identified as dependent on another taxpayer’s return will automatically receive the rebate.
However, some taxpayers may not receive the said rebates due to the legislation that approved the rebate. According to the legislation, the money is only for those who filed their income tax returns for 2021. This means that people who moved to the state last year and paid last year’s taxes are not eligible for the New Mexico tax rebate. Those who moved out of the state but filed their taxes for 2021 could still receive the rebate money. Additionally, those who did not file their 2021 taxes could still register for the rebate.
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New Mexico Tax Rebates On The Way
The $500 New Mexico Tax Rebate is believed to cost the state roughly $690 million. Those who are eligible should start seeing the direct deposits in their account sometime this week. The state is now rolling out the checks and will continue to do so until next week Thursday. All qualified taxpayers are expected to receive their checks by the first week of July.
In a separate program, the state has a $15 million budget ready to assist low-income families and residents in the form of economic assistance payments.
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