A. A resident who is not a dependent of another individual and has received a working families tax credit for which the taxpayer was eligible to claim against the resident's income tax liability for taxable year 2020 may be eligible for a tax rebate of six hundred dollars ($600); provided that the resident had the following adjusted gross income for taxable year 2020:
(1) for single individuals, an adjusted gross income of thirty-one thousand two hundred dollars ($31,200) or less; and
(2) for heads of household, surviving spouses and married individuals filing joint returns, an adjusted gross income of thirty-nine thousand dollars ($39,000) or less.
B. The rebate provided by this section may be deducted from the taxpayer's New Mexico income tax liability.
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, 2022.
History: Laws 2021, ch. 4, § 2.
Emergency clauses. — Laws 2021, ch. 4, § 6 contained an emergency clause and was approved March 3, 2021.
Structure New Mexico Statutes
Article 2 - Income Tax General Provisions
Section 7-2-3 - Imposition and levy of tax.
Section 7-2-5.2 - Exemption; income of persons sixty-five and older or blind.
Section 7-2-5.6 - Exemption; medical care savings accounts.
Section 7-2-5.7 - Exemption; income of individuals one hundred years of age or older.
Section 7-2-5.8 - Exemption for low- and middle-income taxpayers.
Section 7-2-5.11 - Exemption; armed forces salaries.
Section 7-2-7 - Individual income tax rates.
Section 7-2-7 - Individual income tax rates. (Effective January 1, 2006 through December 31, 2007.)
Section 7-2-7.2 - Tax rebate; 2005 taxable year. (Effective for 2005 tax year.)
Section 7-2-7.3 - Exemption; 2005 taxable year rebate. (Effective for 2005 tax year.)
Section 7-2-7.4 - 2020 income tax rebate.
Section 7-2-9 - Tax computation; alternative method.
Section 7-2-10 - Income taxes applied to individuals on federal areas.
Section 7-2-11 - Tax credit; income allocation and apportionment.
Section 7-2-12 - Taxpayer returns; payment of tax.
Section 7-2-12.1 - Limitation on claiming of credits and tax rebates.
Section 7-2-12.2 - Estimated tax due; payment of estimated tax; penalty.
Section 7-2-13 - Credit for taxes paid other states by resident individuals.
Section 7-2-14 - Low-income comprehensive tax rebate.
Section 7-2-14.5 - Imposition of tax; limitations.
Section 7-2-18.2 - Credit for preservation of cultural property; refund.
Section 7-2-18.4 - Qualified business facility rehabilitation credit; income tax credit.
Section 7-2-18.5 - Welfare-to-work tax credit.
Section 7-2-18.8 - Credit; certain electronic equipment.
Section 7-2-18.10 - Tax credit; certain conveyances of real property.
Section 7-2-18.11 - Job mentorship tax credit.
Section 7-2-18.15 - Working families tax credit.
Section 7-2-18.17 - Angel investment credit.
Section 7-2-18.18 - Renewable energy production tax credit.
Section 7-2-18.19 - Sustainable building tax credit.
Section 7-2-18.21 - Credit; blended biodiesel fuel.
Section 7-2-18.22 - Tax credit; rural health care practitioner tax credit.
Section 7-2-18.23 - Refundable credit; 2007 taxable year.
Section 7-2-18.24 - Geothermal ground-coupled heat pump tax credit.
Section 7-2-18.25 - Advanced energy income tax credit.
Section 7-2-18.26 - Agricultural biomass income tax credit.
Section 7-2-18.27 - Credit; physician participation in cancer treatment clinical trials.
Section 7-2-18.28 - Veteran employment tax credit.
Section 7-2-18.29 - 2015 sustainable building tax credit.
Section 7-2-18.30 - Foster youth employment income tax credit.
Section 7-2-18.31 - New solar market development income tax credit.
Section 7-2-18.32 - 2021 sustainable building tax credit.
Section 7-2-20 - Information returns.
Section 7-2-21 - Fiscal years permitted.
Section 7-2-21.1 - Accounting methods.
Section 7-2-22 - Administration.
Section 7-2-23 - Finding[; wildlife funds].
Section 7-2-24 - Optional designation of tax refund contribution [; game protection fund].
Section 7-2-24.1 - Optional designation of tax refund contribution for tree plantings.
Section 7-2-24.2 - Optional designation of tax refund contribution; healthy soil program.
Section 7-2-28 - Optional designation of tax refund contribution.
Section 7-2-28.1 - Veterans' state cemetery fund; created.
Section 7-2-30 - Optional designation of tax refund contribution [; substance abuse education fund].
Section 7-2-30.4 - Optional designation of tax refund contribution; Vietnam veterans memorial.
Section 7-2-30.5 - Optional designation of tax refund contribution; veterans' enterprise fund.
Section 7-2-30.6 - Optional designation of tax refund contribution; lottery tuition fund.
Section 7-2-30.7 - Optional designation of tax refund contribution; horse shelter rescue fund.
Section 7-2-30.8 - Finding; optional designation of tax refund contribution; senior services.
Section 7-2-30.9 - Optional designation of tax refund contribution; animal care and facility fund.
Section 7-2-30.11 - Optional designation of tax refund contribution; New Mexico housing trust fund.
Section 7-2-31 - Optional designation of tax refund contribution.
Section 7-2-31.1 - Optional refund contribution provisions; conditional repeal.
Section 7-2-32 - Deduction-payments into education trust fund.
Section 7-2-34 - Deduction; net capital gain income.
Section 7-2-36 - Deduction; expenses related to organ donation.
Section 7-2-37 - Deduction; unreimbursed or uncompensated medical care expenses.
Section 7-2-39 - Deduction from net income for certain dependents.
Section 7-2-40 - Deduction; income from leasing a liquor license.