A tax package worth $959 million could result in millions of Americans receiving two separate payments.
New Relief Payments in New Mexico will be released soon. (Photo: NewsBreak Original)
Relief Payments
The package, including more than a dozen tax proposals, was created by New Mexico officials and includes rebates of between $300 and $600, as well as an expanded Child Tax Credit (CTC).
The package is a response to what backers describe as a “revenue bonanza” and aims to give a progressive update to the state’s tax code, according to reports from the Albuquerque Journal.
Representative Derrick Lente stated that families making the state’s median household income could expect to save about $200 annually on their taxes through a gross receipts tax cut that was proposed, according to a published article in The U.S. Sun.
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Who Are Eligible for the Payments?
The rebates are expected to cost about $440 million, which equates to nearly half of the total cost of the package. All New Mexicans who filed their taxes in 2021 will be eligible for the rebate, with individual filers receiving $300 and married couples receiving $600. The exact date of the payments has not yet been confirmed, but they could be distributed as early as this spring.
Last year, New Mexico residents received rebates of $250 for individuals and $500 for married couples. This year, the tax package proposes an expanded Child Tax Credit, which could give parents up to $600 per child, depending on their income, according to a report published in CNET.
This amount will reduce to $400 and then $200 for higher-earning families. Amber Wallin, the executive director of New Mexico Voices for Children, said that the changes would “improve fairness in the tax code and level the playing field.”
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