2024 New Mexico Statutes
Chapter 7 - Taxation
Article 2 - Income Tax General Provisions
Section 2-7.5 - Supplemental 2021 income tax rebates.
A. A resident who files an individual New Mexico income tax return for taxable year 2021 by May 31, 2023 and who is not a dependent of another individual is eligible for two tax rebates pursuant to this section; provided that the resident did not receive a relief payment pursuant to Section 2 of this 2022 act.
B. For a resident who files an income tax return by May 31, 2022:
(1) the first tax rebate shall be made as soon as possible, but no later than June 30, 2022, in the following amounts:
(a) five hundred dollars ($500) for heads of household, surviving spouses and married individuals filing joint returns; and
(b) two hundred fifty dollars ($250) for single individuals and married individuals filing separate returns; and
(2) the second tax rebate shall be made between August 1 and August 30, 2022 in the following amounts:
(a) five hundred dollars ($500) for heads of household, surviving spouses and married individuals filing joint returns; and
(b) two hundred fifty dollars ($250) for single individuals and married individuals filing separate returns.
C. For a resident who files an income tax return for taxable year 2021 after May 31, 2022, rebates shall be made in the amounts and as provided in Subsection B of this section as soon as possible after the return is received; provided that a rebate shall not be allowed for a return filed after May 31, 2023.
D. The rebates provided by this section may be deducted from the taxpayer's New Mexico income tax liability for taxable year 2021. If the amount of rebate exceeds the taxpayer's income tax liability, the excess shall be refunded to the taxpayer.
E. The department may require a taxpayer to claim a rebate provided by this section on forms and in a manner required by the department.
History: Laws 2022 (3rd S.S.), ch. 2, § 1.
ANNOTATIONSEmergency clauses. — Laws 2022 (3rd S.S.), ch. 2, § 5 contained an emergency clause and was approved April 8, 2022.
Temporary provisions. — Laws 2022 (3rd S.S.), ch. 2, § 2 provided that:
A. The human services department shall provide a relief payment to state residents on a first-come, first-served basis pursuant to this section until the appropriation pursuant to Subsection A of Section 4 of Laws 2022 (3rd S.S.), ch. 2 is exhausted; provided that the state residents:
(1) are not eligible for a tax rebate provided by 7-2-7.5 NMSA 1978;
(2) are not dependents, as that term is used in the Income Tax Act, of a recipient of a rebate provided by 7-2-7.5 NMSA 1978;
(3) were at least eighteen years of age during any part of 2021; and
(4) file an application with the department by May 31, 2023.
B. For a resident who applies to the department by May 31, 2022, the relief payment shall be made as soon as possible, but no later than July 31, 2022, in the following amounts:
(1) one thousand dollars ($1,000) for households of married couples or single individuals with one or more dependents; and
(2) five hundred dollars ($500) for households of single individuals without dependents.
C. For a resident who files an application after May 31, 2022, the relief payment shall be made in the amounts and as provided in Subsection B of this section as soon as possible after the application is received; provided that a relief payment shall not be allowed for an application received after May 31, 2023.
D. The department shall require a resident to apply for the relief provided by this section on forms and in a manner required by the department. The application shall include documentation of the resident's social security number or individual taxpayer identification number.
Laws 2022 (3rd S.S.), ch. 2, § 3 provided that if revenues and transfers to the general fund are not sufficient to meet appropriations at the end of fiscal year 2022 due to the cost of the rebates and relief payments provided by this act, the governor, with state board of finance approval, may transfer to the appropriation account of the general fund the amount necessary to meet that fiscal year's obligations from the tax stabilization reserve pursuant to Section 6-4-2.2 NMSA 1978; provided that the total amount transferred pursuant to this section shall not exceed two hundred million dollars ($200,000,000).
