As inflation continues to rage across the United States, residents of New Mexico can now expect to receive cash rebates of between $500 and $1,000.
According to KRQE in Albuquerque, New Mexico, these timely payments will be delivered through a check in the mail or direct deposit, depending on how one filed their taxes.
“The tax rebates [or relief payments] are the state’s way of giving back to New Mexicans amid record revenues from the oil and gas industry,” the news station explains.
“How much you can get depends on your tax status. Regardless of how much money you make, heads of household, surviving spouses, and married individuals filing joint returns will receive a total of $1,000. Individual filers and married individuals filing taxes separately will get a total of $500,” the report continues.
Additionally, payments have been split into two segments. Charlie Moore, a spokesperson for New Mexico’s Taxation and Revenue Department, noted that the first payments should head out sometime in June and the second payments will be delivered in August.
People who didn’t file their taxes are also eligible for the cash relief; “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,” Kari Armijo, a deputy secretary at the state’s Human Services Department, which will process payments to non-tax-filers, told KRQE.
“It really is designed to make sure that we can get assistance out to New Mexico families who don’t file taxes but still need that economic and financial help,” she added.
However, non-filers should know that they have to apply, and the funds are on a first-come, first-served basis. They can apply online at www.yes.state.nm.us.
“Individuals who don’t file taxes will need to apply for an economic assistance payment through the Human Services Department,” Armijo continued. “You need a Social Security number or an individual taxpayer ID number, as well as information needed to verify your residency here in New Mexico. Other than that, you just need a computer to be able to apply through our ‘Yes New Mexico’ online system.”
Meanwhile, several other states have jumped in to propose their own version of stimulus checks to help ease the burden of red-hot inflation.
For example, in a rare rebate program proposed by Hawaii lawmakers, taxpayers earning less than $100,000 per year and their dependents will likely be on the receiving end of a $300 payment. Senate Bill 514 also aims to approve tax rebates of $100 per person to tax filers who earn more than six figures annually.
In Pennsylvania, Gov. Tom Wolf is pushing lawmakers to disburse $2,000 checks for state families with incomes of $80,000 or less, while state lawmakers in Maine recently approved a budget that includes $850 stimulus checks for an estimated 858,000 residents. In Colorado, Gov. Jared Polis and the state's legislature have proposed the Colorado Cashback program, which will provide eligible residents with a $400 payment this summer.
Ethen Kim Lieser is a Washington state-based Finance and Tech Editor who has held posts at Google, The Korea Herald, Lincoln Journal Star, AsianWeek, and Arirang TV. Follow or contact him on LinkedIn.