Santa Fe, NM — Each of the sixteen Senate Republicans, alongside all twenty-six House Republicans, have jointly introduced Senate Bill 398, the "Citizen Income Tax Rebate." This measure would annually award eligible New Mexicans a $500 tax rebate for the previous year's income tax filings. This rebate would compound additionally for each of the dependents listed on one's tax filing. For example, a married couple with two children would receive a $2,000 rebate. This measure focuses on returning taxpayer funds from our current $3 Billion budget surplus back to New Mexicans.
Primary sponsors Senator Anthony "Ant" Thornton (R- Sandia Park) and Senator Jay Block (R-Rio Rancho) issued the following statements:
"This is all about rightfully returning surplus funds back to taxpayers," said Senator Thornton. "New Mexico has a $3 Billion budget surplus this year, and we believe extra funds coming into the state belong back in the hands of everyday New Mexicans."
Senator Block remarked, "Recent trends have seen the legislature spend every dollar that comes in, all while failing to provide the results citizens have been hoping for. In response, our proposal ensures that at least a portion of these funds are not squandered, but are returned to the hard-working New Mexicans that contributed them in the first place."
Eligibility requires residency in New Mexico at least six months prior to filing, but excludes those who are incarcerated.
