February 2, 2023
For Immediate Release
Contact:
Chris Nordstrum
(415) 601-1992
Chris.Nordstrum@nmlegis.gov
Santa Fe, N.M. – Today, the New Mexico State Senate Tax, Business & Transportation Committee unanimously passed Senate Bill 10, a measure that would provide a new round of financial relief to New Mexican families in the form of one-time rebates.
As currently drafted, the bill provides $750 rebates to single filers and $1500 for those filing jointly. Payments would go to all taxpayers who completed a 2021 return. An additional $30 million is appropriated to the Human Services Department to cover payments for non-filers.
As New Mexico sees an unprecedented budget surplus in the coming fiscal year, this economic relief measure will use nonrecurring funds to help provide the immediate support many families need. The rebates acknowledge the myriad challenges New Mexicans are facing to support their families as they continue navigating through the COVID-19 pandemic, rising food costs, and other living expenses.
“This relief will help countless New Mexico families make ends meet,” said Senator Benny Shendo (D – Jemez), as he presented the bill to the committee. Co-sponsors of the bill include Representative Christine Chandler, Senate Majority Leader Peter Wirth, and Speaker of the House Javier Martinez.
The tax rebate bill next goes to the Senate Finance Committee.
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