More relief payments coming to New Mexicans this summer to combat high inflation, gas prices
The state is dropping hundreds of dollars into your bank account, if you filed taxes, and more money is on the way. This is to combat inflation and high gas prices.
The state started processing tax rebates on Tuesday and this is just one round of economic relief payments. Some New Mexicans will get three of them.
“We know people, households are having a tough time keeping up with rising prices,” said Charlie Moore, New Mexico Taxation and Revenue Department.
With the rebates, taxpayers who filed individually get $250 and those who filed jointly get $500. You'll get it the same way you received your refund or made a payment — either direct deposit or check. Moore said more rebates are coming.
“There will be another one tied to it of the same amount that people will get in August,” Moore said. “These are the rebates that are going out to all taxpayers.”
There's also a separate rebate for those who meet certain income thresholds. Those filing jointly have to make under $150,000 and single filers have to make under $75,000. It’s the same rebate amount, as the one issued this week. Those will go out in July. So, some New Mexicans will see three payments within the next few months.
“That's either $750 total if you are filing singly or up to $1,500 dollars if you are married, filing jointly,” Moore said. “We know everybody is looking forward to it and we're certainly glad we're able to do it. We are working as fast as we can to make sure we get those into people's hands.”
The payment taxpayers are seeing now is actually ahead of schedule, but Moore expects the others will be distributed according to schedule. He also said if you haven't received your relief payment yet, don't be alarmed.
“That paper check process is much slower and we can only do them in limited patch batches,” Moore said. “It's about 14,000 at a time and there's upwards of 200,000 or more that need to get out the door. So that's going to take several weeks.”
And, what if you don’t file taxes?
You can apply for the economic relief payments through the Human Services Department at www.yes.state.nm.us.
You can expect one payment of $1,000 for married couples or individuals with dependents and $500 for individuals without. Moore said the money is limited.
“It will be first-come, first-serve,” Moore said. “Those applications are still open. And we expect at this point that they will remain open through the end of this month.”