According to reports, Governor Michelle Lujan Grisham (D-NM) is urging New Mexico lawmakers to use the state’s anticipated surplus to pay for increased tax rebates to citizens.
Due to a surge in oil and gas production, the projected budget surplus for The Land of Enchantment could be as high as $3.6 billion.
According to Nora Meyers Sackett, a spokeswoman for the go, the current tentative plan is to pursue rebates of approximately $750 per taxpayer or $1,500 per jointly filing couple. According to a KRQE News 13 report, Sackett said, “The record-high revenue projections present a unique opportunity to keep more money in New Mexicans’ pockets.” As the session draws In order to finalize a viable package, “the governor will continue to engage closely with legislative leadership.”
But the measure’s specifics still need to be worked out. On January 17, 2023, the state legislature will begin its 60-day session. In a similar way to how the Democrats did before the midterm elections, Lujan Grisham’s party will have control over both houses of the state legislature.
The three waves of rebates that New Mexico distributed over the course of the previous year were launched in May, July, and August, respectively.
This included a $250 payment in July for single tax filers making under $75,000 in 2021 and a $500 payment in July for joint filers making under $150,000. Additionally, it included a $250 payment for individual filers and a $500 payment for joint filers in May and August.
Like the majority of the country, New Mexico has been affected by inflation and rising gas prices, though some of these pressures to raise prices to appear to have subsided a bit recently.
In order to use growing budget surpluses and reduce inflationary pressures, many states have distributed bolstered tax rebates or stimulus measures.