Bill > HB89

This bill creates the Taxpayer Dividend Income Tax Rebate Fund, which will be funded by excess revenue from the federal Mineral Leasing Act. The bill provides for annual income tax rebates to eligible New Mexico residents who file a state tax return and are not dependents of another individual. The rebate amount will be determined by dividing the fund balance at the end of the previous calendar year by the total number of eligible residents who filed a return. The rebates can be deducted from the taxpayer's New Mexico income tax liability, with any excess amount being refunded to the taxpayer. The bill also changes the distribution of federal Mineral Leasing Act funds, directing the excess beyond the annual average to the Taxpayer Dividend Income Tax Rebate Fund instead of the Early Childhood Education and Care Fund.

Budget and Finance

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=89&year=23