Gov. Michelle Lujan Grisham (D-NM) is reportedly encouraging New Mexico 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 reach as high as $3.6 billion due to a gush of oil and gas production. So far, the tentative plan is to pursue rebates of about $750 per taxpayer or $1,500 per jointly filing couple, according to Nora Meyers Sackett, a spokeswoman for the governor.
“The record-high revenue projections present a unique opportunity to keep more money in New Mexicans’ pockets,” Sackett said, according to a KRQE News 13 report. “The governor will continue to work closely with legislative leadership as the session approaches to finalize a potential package.”
The details of the measure, however, need to be ironed out. The state legislature is set to convene on Jan. 17, 2023, for a 60-day session. Lujan Grisham’s party will control both chambers of the state legislature, much like the Democrats did prior to the midterm elections.
During this past year, New Mexico has distributed three different waves of rebates, rolled out in May, July, and August, respectively.
This included a $250 payment for single tax filers earning under $75,000 in 2021 and $500 for joint filers earning less than $150,000 that was rolled out in July. It also featured a $250 payment to individual filers and $500 to those who filed jointly in May and August.
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Like most parts of the United States, New Mexico has been hit with inflation and surging 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 ease inflationary pressures and make use of burgeoning budget surpluses.
