Gov. Michelle Lujan Grisham (D-NM) is eyeing another round of New Mexico tax rebates in 2023.
Gov. Michelle Lujan Grisham (D-NM) is eyeing another round of New Mexico tax rebates in 2023.
New Mexico Tax Rebates
New Mexico Governor Michelle Lujan Grisham (D-NM) is pushing lawmakers to tap into the state’s projected surplus to fund bolstered tax rebates to residents.
The Land of Enchantment’s projected budget surplus could get as high as $3.6 billion due to a gush of oil and gas production. According to Nora Meyers Sackett, the representative of the governor, the current tentative strategy is to pursue refunds of around $750 per taxpayer or $1,500 for a jointly filed couple.
According to KRQE News 13, Sackett said “The record has high-income estimates give a rare chance to keep more money in New Mexicans’ pockets,” As the session draws near “The governor will continue to work closely with legislative leaders to develop a potential package.”
The measures specifics still need to be worked out. On January 7, 2023, the state legislature will begin its 60 days session. Lujan Grisham’s party will control both chambers of the state legislature, much as the Democrats did before the midterm elections.
New Mexico Has Given Away Three Waves of Rebates in 2022
In previous years, New Mexico has issued three waves of rebates released in May, July, and August, respectively. Including a $250 payment in July for single tax filers making under $75,000 in 2021 and a $500 payment in July for joint filers having under $150,000.
Like the majority of the United States, New Mexico has been affected by inflation and rising prices at the gas pump, though some of those upward pricing pressures appear to have eased slightly in recent weeks. Numerous states have doled out beefed-up tax rebates or stimulus measures to help reduce inflationary pressures and use burgeoning budget surpluses.
