2023 Tax Rebate Update For New Mexico Residents

tax filing

The state of New Mexico will provide residents with a tax rebate from June 20. The tax rebate, which will be sent out by New Mexico’s Department of  Taxation and Revenue, is valued at $ 500 for residents who had filed individually and $ 1,000 for joint filers. This tax rebate comes after being processed and sanctioned by the legislative session of 2023 on June 16. 

To fulfill the eligibility criteria for this rebate, claimants must have filed their income tax refund for 2021. They must hold residence in New Mexico and were previously not asserted as dependent. Eligible recipients will receive the rebate directly transmitted to their accounts as done previously in 2021 for the income tax refund. Residents who have altered the information of their banking details after the 2021 filing, will receive their rebates via mail, while others will be paid through checks. The direct payments will be carried out first followed by the checks over the course of weeks.

Tax Rebate Update For Residents Who Have Not Filed Yet

New Mexico residents who previously had not filed their income tax refund of 2021, may file for the tax rebate by May 31 of 2024. For residents with low income, who are not needed to file their 2021 tax refund, may apply for the tax rebate on the official webpage of the state’s Human Services Department. To qualify the eligibility criteria, applicants are required to provide their social security or individual taxpayer identification numbers. The applicant must hold a driving license of the state. They must also provide the address of their New Mexico residence. Similar rebates and stimulus checks are being provided by various states in America to manage the ongoing inflation in the country.