NEW MEXICO (KRQE) – New Mexico Personal Income Tax returns are due April 18. Taxpayers are encouraged to file electronically to help minimize delays and receive faster refunds.

The Taxation and Revenue Department is preparing to issue one-time income tax rebates approved by the 2022 Legislature. A rebate of $500 will be available for heads of household, surviving spouses, and married individuals filing joint returns for the 2021 tax year with adjusted gross incomes of less than $150,000. A $250 rebate will be available for single filers and married individuals filing separate returns with adjusted gross incomes of less than $75,000. Qualifying taxpayers do not need to apply for the rebates but will receive them automatically in July. Those rebates can be issued to tax filers through June 30, 2023.

Additional rebates of $250 are available for single individuals and $500 for the head of household and married couples filing joint returns. Those rebates will be issued automatically to anyone who has filed a 2021 Personal Income Tax return by May 31, 2023, and will be issued in June and August.

Two other benefits have been expanded for low-and moderate-income New Mexican families

  • The Working Families Tax Credit is now worth 20% of the federal Earned Income Tax Credit. It s also available now to taxpayers who file using an Individual Tax Identification Number and taxpayers aged 18-25 with or without children.
  • The Low Income Comprehensive Income Tax Rebate is now available to taxpayers with up to $36,000 in modified gross income.

More information on the rebates and other tax-related issues is available on the Taxation and Revenue Department’s website.