A new tax rebate was approved by lawmakers on Tuesday to assist citizens in New Mexico, United States, in making ends meet, as it aims to provide some financial assistance in the face of rising inflation and gas prices.
Individual adults will now receive 500 dollar checks, while households will receive 1,000 dollar payments, following the US state’s approval of the bill.
The Senate voted 35-1 in favour of the new aid package, which will reportedly distribute around 700 million dollars to New Mexico residents. The House voted 51-13 in favour of the new aid package.
Senior citizens with little or no income, as well as undocumented immigrants, are also set to receive payouts from the state to assist those struggling financially due to inflation.
Are the new payments sustainable in the long run?
Republican state representative Randal Crowder expressed doubts about whether these new checks will ultimately benefit New Mexico residents.
“It will be a welcome boost, but it will contribute to inflation,” Crowder said.
“It’s going to increase the pressure and pain on people who aren’t equipped to handle it.” We’re refuelling a roaring fire.”
How do I claim my new $500 checks?
According to the Legislative Finance Committee, the bill’s passage could result in up to 490,000 New Mexicans receiving $500 in tax rebates.
“Our state’s productive fiscal surplus enables us to provide much-needed financial relief to our citizens as a result of these costs,” state representative Christine Chandler said.
Individual taxpayers will receive 500 dollars in two instalments, while couples and heads of household will receive a total of 1,000 dollars, with the first instalment arriving in June and the second instalment arriving two months later in August.