us-nm/stat
NMSA 1978, § 7-2-7.6 — 2021 income tax rebate
A.
A resident who is not a dependent of another individual is eligible for a tax rebate
of:
(1) five hundred dollars ($500) for heads of household, surviving spouses and
married individuals filing joint returns with adjusted gross income of less than one
hundred fifty thousand dollars ($150,000); and
(2) two hundred fifty dollars ($250) for single individuals and married
individuals filing separate returns with adjusted gross income of less than seventy-five
thousand dollars ($75,000).
B.
The rebate provided by this section may be deducted from the taxpayer's New
Mexico income tax liability for taxable year 2021.
C.
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 the rebate provided by this
section on forms and in a manner required by the department.
E.
The rebate provided by this section shall not be allowed after June 30, 2023.
Source: official text