N.M. Stat. § 7-2-7.7
This is the official text of N.M. Stat. § 7-2-7.7, part of New Mexico’s Stat — part of the compiled statutory law of New Mexico, published by the state as "Stat." Browse the sections below, each linked to its official government source.
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§ 7-2-7.7. Additional 2021 income tax rebates
Official statutory text
A. A resident who files an individual New Mexico income tax return for taxable year 2021 and who is not a dependent of another individual is eligible for a tax rebate pursuant to this section in the following amounts:
(1) one thousand dollars ($1,000) for heads of household, surviving spouses and married individuals filing joint returns; and
(2) five hundred dollars ($500) for single individuals and married individuals filing separate returns.
B. The rebates shall be made as soon as practicable after a return is received; provided that a rebate shall not be allowed for a return filed after May 31, 2024.
C. The rebates provided by this section may be deducted from the taxpayer's New Mexico income tax liability for taxable year 2021. If the amount of rebate exceeds the taxpayer's income tax liability, the excess shall be refunded to the taxpayer.
D. The department may require a taxpayer to claim a rebate provided by this section on forms and in a manner required by the department.
(1) one thousand dollars ($1,000) for heads of household, surviving spouses and married individuals filing joint returns; and
(2) five hundred dollars ($500) for single individuals and married individuals filing separate returns.
B. The rebates shall be made as soon as practicable after a return is received; provided that a rebate shall not be allowed for a return filed after May 31, 2024.
C. The rebates provided by this section may be deducted from the taxpayer's New Mexico income tax liability for taxable year 2021. If the amount of rebate exceeds the taxpayer's income tax liability, the excess shall be refunded to the taxpayer.
D. The department may require a taxpayer to claim a rebate provided by this section on forms and in a manner required by the department.
Status: in_force
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