Home Personal Finance Stimulus Checks From New Mexico: Final Round Of Tax Rebates To Go Out Today

Stimulus Checks From New Mexico: Final Round Of Tax Rebates To Go Out Today

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Rising gas prices and inflation have pushed many states to approve relief payments for their residents. Many of these states have even started sending out relief money; one state that will start sending out money today is New Mexico. The tax rebate stimulus checks from New Mexico will start hitting the bank accounts of eligible residents today. In August, eligible residents can get as much as $500 in stimulus money.

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Stimulus Checks From New Mexico: What Is It?

It is estimated that about 1.1 million taxpayers will be eligible to get up to $1,500 in stimulus checks from New Mexico. This stimulus money is part of the statewide tax rebate scheme that aims to offer relief to residents from skyrocketing inflation.

A point to note is that the rebate of up to $1,500 is the result of two tax rebates spread over three payments. The first legislation was passed during the legislature’s regular session, while the second one was approved during a special session.

The first two payments have already been issued, and now the state will be issuing the third payment this month. Together, the three payments will distribute up to $1,500 to eligible taxpayers.

The stimulus money from the first legislation went out in July, while the money from the second legislation was split into two parts. The first part was sent out in May and June, and the payment for the second part will be sent out this month. These stimulus checks don’t have income restrictions.

Last week, the state officials confirmed that eligible taxpayers will start receiving the tax rebate from August 1.

“This summer we’ll be returning hundreds of millions of dollars in relief to families around New Mexico, protecting their paychecks and helping them cope with the rising prices of gas, groceries and other household expenses,” Governor Michelle Lujan Grisham in a press release previously.

How Much Will You Get?

The stimulus checks from New Mexico that will be going out today will be $500 for married couples filing jointly, heads of household and surviving spouses. Single taxpayers and married couples filing separately will get $250.

To get the stimulus checks from New Mexico, taxpayers don’t need to do anything. The Department of Taxation and Revenue will send the payment automatically to those who filed a 2021 New Mexico state tax return.

Taxpayers who provided their direct deposit information to the Department of Taxation and Revenue will get the money via direct deposit. Others will get a paper check by mail.

These stimulus checks from New Mexico are available to residents whether or not they have a Social Security number or an Individual Tax Identification Number (ITIN). Such requirements make these stimulus payments available to a sizable immigrant population.

To get more information on these stimulus checks from New Mexico, visit this link.

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Aman Jain
Personal Finance Writer

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