The New Mexico Taxation and Revenue Department said Tuesday that it has begun issuing $600 rebates for certain eligible recipients of the Working Families Tax Credit.
The one-time rebates, authorized by the Legislature earlier this year, are available to taxpayers who aren’t dependents and who receive the Working Families Tax Credit, the agency said in a news release. Recipients must have an adjusted gross income of no more than $39,000 if they’re married and filing as the head of a household, or $31,200 or less if they’re single filers.
This year, New Mexico’s Working Families Credit is worth 17% of the federal Earned Income Tax Credit, according to the release. Qualifications for the state and federal credits are the same.
More than 110,000 rebates worth more than $66 million have been issued.
Taxpayers who have already filed their 2020 tax returns and are eligible for the $600 rebate do not need to take further action.
The $600 rebate will be mailed to them or delivered by direct deposit if they selected that option when they filed their tax returns, the agency said.
The tax department is urging New Mexicans who haven’t filed 2020 tax returns and who believe they’re eligible for the credit to file as soon as possible. Filing electronically and using direct deposit expedites processing and puts refunds and rebates into taxpayers’ hands more quickly, the news release said.
Taxpayers who have already filed their 2020 tax returns without claiming the tax credit but who believe they may qualify will need to file an amended return. Information on filing an amended return is available at www.tax.newmexico.gov.