Tax Rebates 2022 in New Mexico: Here's Who's Qualified to Get up to $500 in Extra Payments

New Mexico residents will be awarded tax rebates this July, as the state government intends to keep more money in the pockets of its constituents.

According to BGR, residents from New Mexico will receive $250 if they make less than $75,000 annually. On the other hand, a $500 rebate will be given to those who earn less than $150,000 per year.

KRQE reported that the tax rebates in New Mexico to be given this coming July are a part of the House Bill 163, which legislators approved earlier this year.

The said bill includes another smaller provision for tax rebates. However, these returns have income limits, making them different from the special session rebates.

New Mexico's Taxation and Revenue Department said in a press release that its department would automatically release the rebates once the rebate section of the law becomes effective on July 1.

The department further noted that the returns or payments for eligible individuals would be made through ACH deposit or check to the most recent bank account or address that taxpayers provided to the state's taxation and revenue department.

Other Tax Rebates in New Mexico

The tax rebate tied to the income threshold of individuals is not the only the relief that New Mexicans will receive this year.

The state is also giving out between $500 and $1,000 under a separate bill, known as House Bill 2 (HB2), that legislators passed in a special session.

Under this bill, heads of household, surviving spouses, and married individuals filing joint returns will receive $1,000. Meanwhile, individual taxpayers and married individuals filing tax separately would receive $500.

This bill is inclusive, as the tax rebate under House Bill 2 will also grant relief to those who were not able to file their taxes. Homes with married couples can get up to $1,000, and single individuals can get $500.

"The Legislature passed, and Governor Lujan Grisham signed, a bill that authorizes about $20 million in economic assistance payments to individuals who are not eligible for tax rebates because they don't file taxes," New Mexico's Human Services Department deputy speaker Kari Armijo told KRQE.

How to Get New Mexico's HB2 Tax Rebate?

All New Mexico residents are eligible for the HB2 tax rebates, but they have to have a social security number or individual taxpayer identification number.

Receivers should also not be dependent on any individual to get the rebate. The state will automatically send the tax rebate to their taxpayers. However, those who were not able to file their taxes will have to apply for the fund on a first-come-first-served basis.

New Mexico's Taxation and Revenue Department noted that the first payment of tax rebate under HB2 would come no later than June 30. The department's spokesperson, Charlie Moore, said the second round of payments is expected to go out this year.

This article is owned by Latin Post.

Written by: Joshua Summers

WATCH: New Mexicans Could Be Eligible for Tax Rebates - From KRQE