New Mexico prepares economic relief plan

Category: News
Published: 2023-01-27
New Mexico prepares economic relief plan

NEW MEXICO – The New Mexico government announced its plan to offer economic relief to citizens with the introduction of legislation that will send one-time refunds to approximately 875,000 taxpayers in the state.

Senate Bill 10, introduced by Senator Benny Shendo aims to deliver $1 billion in household relief to New Mexicans through payments of $750 to individual taxpayers or $1,500 for joint filers. The payments would be distributed by the Department of Revenue and Taxation over the summer.

“As prices remain high across the country, we can and must take steps to help more New Mexicans afford the things they need right now,” said Governor Luján Grisham.

“This rebate will help thousands of families across the state as we continue to recover from the struggles we have faced these past few years,” said Sen. Shendo.

This year’s proposed refunds build on the hundreds of millions of dollars in economic relief enacted by New Mexico in 2022, which delivered up to $1,500 to more than 1.4 million New Mexicans last year.

In 2022, the funds were distributed in two equal parts during the months of June and August. Along with the rebate checks that were delivered in July as a result of additional legislation enacted by Lujan Grisham a month earlier, more than 1.1 million nuevomexicanos received up to $1,500 to help offset the high price of gasoline, groceries and goods.

The legislation also allocated $20 million to provide economic relief payments to New Mexicans who do not file taxes, including seniors on fixed incomes and low-income families.