**Editor’s Note: House Bill 547 was amended before passing the House Sunday. With an amendment, the proposed rebates were increased to $500 for single filers and $1,000 for joint filers. The original proposal offered $300 for single filers and $600 for joint filers.
NEW MEXICO (KRQE) – The legislative session is entering its final week. An almost 70-page tax reform bill that includes cash rebates for New Mexicans is moving forward at the Roundhouse.
The proposals are wrapped into House Bill 547. One of the key proposals includes $500 rebates for single filers and $1,000 rebates for joint filers.
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If passed, the tax bill would also increase the Child Income Tax Credit, restructure personal income tax rates, and flatten the corporate income tax rate.
The bill would also lower the gross receipts tax from 5% to 4.5% and then by another quarter percent after July 2024.
The bill passed the House with a 50 to 18 vote. It now heads to the Senate.