State's $500 rebates will go out in mid-June

New Mexico’s governor announced last week the state will begin sending out the newest round of tax rebates in mid-June, putting more than $673 million back into the pockets of New Mexico residents.

The state Taxation and Revenue Department will send rebates of $500 to single filers or $1,000 to married taxpayers filing jointly, heads of household and surviving spouses.

Any New Mexico resident who filed a 2021 New Mexico Personal Income Tax return and who was not declared as a dependent on another taxpayer’s return will receive the rebates automatically. There is no application required to receive the rebates.

“Prices for basic necessities continue to be high across the nation,” said Gov. Michelle Lujan Grisham stated in a news release. “Our state today is in a fantastic financial position, and it’s important to me that New Mexico’s families are sharing in that success.”

Taxpayers who received a refund by direct deposit on their 2021 return will receive the rebate by direct deposit.

All others will receive a check in the mail.

Direct deposits will be distributed first, and checks will be mailed over the following weeks beginning in mid-June.

Eligible New Mexico residents have until May 31, 2024, to file a 2021 New Mexico Personal Income Tax return and still qualify for the rebates.

Taxpayers who have moved since filing a 2021 return can update their addresses using the Taxpayer Access Point self-service portal at tap.state.nm.us/TAP/_/ or by submitting Form RPD-41260, Personal Income Tax Change of Address Form to the Taxation and Revenue Department as soon as possible. Taxpayers whose banking information has changed since submitting their 2021 returns will receive the rebate by mail.

New Mexico residents who are not required to file income taxes because of their income level can apply for relief payments on a first-come, first-serve basis through the state Human Services Department.

Applications are not yet available, and a public announcement will be made before the application process opens. Funds are limited to a total of $15 million as appropriated by the Legislature. Relief payments to non-filers will be sent in July.

However, TRD urges non-filers to consider filing a New Mexico income tax return even if they are not required to do so.