ALBUQUERQUE, N.M. (KRQE) – A final economic relief check in the form of $250 or $500 dollars should arrive in most New Mexicans bank accounts this week, as the state looks to wrap up its program aimed at helping residents battle back inflation and gas prices. The latest “August rebate” marks the third direct cash payment from the state of New Mexico this year, and unlike July’s rebate, this latest one won’t be tied to income levels.
The money in the August rebate program comes from a one-day special legislative session on April 4. During that session, lawmakers and the governor passed a bill authorizing direct cash payments to tax filers and non-filers statewide, targeting high fuel costs and rising costs of goods and services.
According to the New Mexico Tax and Revenue Department (TRD), the August rebate will go to roughly 800,000 New Mexicans who either filed taxes in 2021, or applied to take part in the rebate program. For those who didn’t file taxes in 2021, rebate program applications closed on June 10, 2022.
Single filers, or those who filed taxes individually will receive $250 from the state, regardless of income. Joint filers, or heads of households will receive a $500 payment from the state, again, regardless of income.
Just like last time, the so-called August rebates direct deposits should be going out to bank accounts via direct deposit in the first few days of the month. If you don’t receive a direct deposit, you’ll likely get a paper check.
According to TRD, the latest round of paper checks should be distributed faster than the first payments sent out in May and June. That’s because the state is now contracting with New Mexico’s fiscal agent, Wells Fargo Bank, to print and distribute checks for the final round of rebates. The state says Wells Fargo’s printing capacity is larger than the state’s, which should speed the distribution of the August rebates.
Roughly 525,000 New Mexicans are among those who will receive the August rebates first, likely via direct deposit. Another estimated 300,000 New Mexicans will get rebates via checks. In total, TRD says more than $300 million is expected to be delivered to taxpayers in this round.
According to the state, non-filers who missed the deadline for applying for the state’s economic relief program can still file a 2021 personal income tax return to qualify for the rebates that went out this summer. Eligible New Mexicans have until May 31, 2023, to file a 2021 return and qualify for the rebates.
As mentioned, August rebates are the third cash payment of the summer from the state. The first payment hit in May and June. The second payment, which was tied to income levels, rolled out in July. July rebates were a one-time payment, approved by the legislature during a regular session in February 2021 as a tool to “aid in the state’s short run recovery from the pandemic by increasing consumption.”
While a lot of people have received this summer’s various rebates, TRD admits there are some people who are still waiting. In fact, KRQE News 13 has heard from several individuals who aren’t sure why they haven’t gotten the May or June rebate.
In a news release, TRD says employees are working to “clear up issues that have delayed rebates.” The department adds that New Mexicans who filed a 2021 income tax return but haven’t received any of the rebates should reach out to the department at 1-866-285-2996.