The New Mexico House of Representatives passed a bill called 547, which is evaluating new stimulus checks of up to $1,000 by the end of 2023.
Good news could be about to culminate in the next few days, especially for low-income Americans living in the United States. Over the weekend, the U.S. House of Representatives approved in a 50-18 vote an overall tax policy plan that would provide $500 rebate checks and up to $1,000 to taxpayers by the end of this year. This is for New Mexicans.
This proposal is known as House Bill 547, and it is not the first time they have introduced it, only now they are changing the amount of the checks that were being approved, as they were previously proposing $300 checks for single taxpayers and up to $600 for married couples filing jointly.
“We listened to the public; we listened to the members of this body and the Senate; we should be giving [more] money back to the people of New Mexico,” said Rep. Derrick Lente, a Democrat, who introduced HB 547 to the House last Sunday.
Last year, New Mexico provided tax refunds of $750 for single taxpayers and $1,500 for married couples filing jointly. So, with the proposed amounts, if the bill becomes a reality, it would still fall short of the tax refunds.
Even if the amounts are smaller, thousands of New Mexicans would still benefit. According to lawmakers, they can make a difference at least once when it comes to issuing tax refunds.
In addition to this bill, lobbying is underway on an approximately $1.2 billion package, which will reduce the state’s gross receipts tax by one-half of 1 percent. The next step is for this bill to go directly to the Senate for a vote.
HB 547 includes an increase in corporate tax deductions, a small increase in the alcohol excise tax and a child income tax credit of up to $600 for eligible taxpayers.