Bill > HB184

This bill establishes an annual income distribution program where the New Mexico Department of Finance and Administration will distribute $1,000 from the general fund to each state resident who has filed (or requested an extension to file) an income tax return for the previous year. The bill defines a "resident" as someone who is domiciled in New Mexico during any part of a calendar year or is physically present in the state for 185 days or more during a calendar year, with a specific provision that individuals who move out of the state with a genuine intention to permanently reside elsewhere are not considered residents for periods after their move. Additionally, the bill modifies existing tax information sharing regulations to include a reference to this new income distribution program, specifically allowing the secretary of finance and administration to access tax return information related to administering these distributions. Married couples filing jointly would receive a distribution for each individual, effectively potentially doubling the benefit for married households. The distributions are set to be made on or before April 15th each year and are intended to provide financial support directly to New Mexico taxpayers.

Government Affairs

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=184&year=25