CITIZENS TAX REBATE

SB 398 would provide New Mexico residents who are U.S. citizens and file individual income tax returns with a $500 tax rebate per person, plus $500 per dependent claimed, and an additional $500 for married couples filing jointly. To qualify, residents must have been physically present in New Mexico for at least six months during the tax year and not incarcerated for over six months that year. The rebate reduces tax liability or is refunded if it exceeds the amount owed, applying to tax years starting in 2025. The bill was postponed indefinitely in June 2025 and has not advanced further.