NEW MEXICO (KRQE) – Governor Michelle Lujan Grisham will sign the bill Friday that gives tax rebates to New Mexicans. Lawmakers passed the bill this week during a special legislative session.

The bill will give $500 to individual taxpayers and $1,000 to married couples. The money would come in the form of two electronic payments. The first will come as soon as possible but definitely by the end of June, the second later in the summer.

It comes as many families are struggling with gas prices and skyrocketing inflation. The rebate bill will cost the state $690 million, the money will come from the added revenues from oil and gas.