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Bill > SB398

NM SB398

NM SB398
Citizens Tax Rebate

summary

Introduced
02/14/2025
In Committee
Crossed Over
Passed
Dead
03/22/2025

Introduced Session

2025 Regular Session

Bill Summary

AN ACT RELATING TO TAX REBATES; CREATING THE CITIZEN INCOME TAX REBATE.

AI Summary

This bill creates a new citizen income tax rebate for New Mexico residents that provides financial relief through a tax rebate program. Specifically, for taxable years before 2033, eligible taxpayers who are U.S. citizens, file a New Mexico income tax return, and are not dependents can receive a $500 base rebate, plus an additional $500 for each dependent claimed and $500 for a spouse if filing a joint return. To qualify, taxpayers must have been physically present in New Mexico for at least six months of the tax year and cannot have been an inmate of a public institution for more than six months. The rebate can be applied to reduce income tax liability, and if the rebate amount exceeds the taxpayer's tax liability, the excess will be refunded. Taxpayers must claim the rebate by May 31 of the year following the tax year, and the Department of Taxation may require specific forms and procedures for claiming the rebate. The bill will apply to taxable years beginning on or after January 1, 2025, providing a potential financial boost to New Mexico taxpayers.

Committee Categories

Budget and Finance

Sponsors (42)

Gail Armstrong (R)*,  Brian Baca (R)*,  Jay Block (R),  John Block (R),  Pat Boone (R),  Craig Brandt (R),  Cathrynn Brown (R),  Jack Chatfield (R),  Nicole Chavez (R),  Elaine Sena Cortez (R),  Catherine Cullen (R),  Crystal Diamond Brantley (R),  Rebecca Dow (R),  Mark Duncan (R),  Candy Ezzell (R),  David Gallegos (R),  William Hall (R),  Jonathan Henry (R),  Joshua Hernandez (R),  Jenifer Jones (R),  Steve Lanier (R),  Stefani Lord (R),  Alan Martinez (R),  Jimmy Mason (R),  Angelita Mejia (R),  Tanya Mirabal Moya (R),  Rod Montoya (R),  Mark Murphy (R),  Nicholas Paul (R),  Randy Pettigrew (R),  Gabriel Ramos (R),  Andi Reeb (R),  Joshua Sanchez (R),  Larry Scott (R),  Bill Sharer (R),  Luis Terrazas (R),  Anthony Thornton (R),  Nicole Tobiassen (R),  James Townsend (R),  Harlan Vincent (R),  Pat Woods (R),  Martin Zamora (R), 

Last Action

Senate Tax, Business and Transportation Committee (00:00:00 3/20/2025 Room 321) (on 03/20/2025)

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