HB 2 — TAX REBATES

HOUSEAN BILLACT 2RELATING 55THTO LEGISLATUREHOUSEHOLD -RELIEF; STATE OF NEWMEXICO - THIRD SPECIAL SESSION 2022 INTRODUCED BY Christine Chandler and Pamelya Herndon and Javier Martínez and Roberto "Bobby" J.

GonzalesCREATING andSUPPLEMENTAL G.2021 INCOME TAX REBATES;

AndrésPROVIDING RomeroRELIEF ThisPAYMENTS documentTO maySTATE incorporateRESIDENTS amendmentsNOT proposedELIGIBLE byFOR aTHE committee,REBATES; but not yet adopted, as well as amendments that have been adopted during the current legislative session.

TheAUTHORIZING documentA isTRANSFER aFROM toolTHE toTAX showSTABILIZATION amendmentsRESERVE inIF contextREVENUES andAND cannotTRANSFERS beARE usedNOT forSUFFICIENT theTO purposeMEET ofAPPROPRIATIONS addingDUE amendmentsTO toTHE legislation.COST OF THE REBATES AND RELIEF PAYMENTS;

AN ACT h RELATING TO HOUSEHOLD RELIEF;

CREATING SUPPLEMENTAL 2021 INCOME g o TAX REBATES;

PROVIDING RELIEF PAYMENTS TO STATE RESIDENTS NOT t hr h te ELIGIBLE FOR THE REBATES;

AUTHORIZING A TRANSFER FROM THE TAX i k h r i s STABILIZATION RESERVE IF REVENUES AND TRANSFERS ARE NOT h , t, SUFFICIENT TO MEET APPROPRIATIONS DUE TO THE COST OF THE e u g e b l REBATES AND RELIEF PAYMENTS;

DECLARING e e h n d d ig = = o h AN EMERGENCY.

l ] b ,d i a e r i = r t e w d BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

mSECTION a1. n o d m :

b e d s o t n = .222876.10AIC April 5, 2022 (5:18pm) s k m e e a n e d r e l u [ A d SECTION 1.

"[NEW"SUPPLEMENTAL MATERIAL] SUPPLEMENTAL 2021 INCOME TAX REBATES.-- A.

A resident who files an individual New Mexico income tax return for taxable year 2021 by May 31, 2023 and who is not a dependent of another individual is eligible for two tax rebates pursuant to this section.section;

provided that the resident did not receive a relief payment pursuant to Section 2 of this 2022 act.

(a) five hundred dollars ($500) for HB 2/a Page 1 heads of household, surviving spouses and married individuals filing joint returns;

and (b) two hundred fifty dollars ($250) for single individuals and married individuals filing separate returns;

and (2) the second tax rebate shall be made between August 1 and August 30, 2022 in the following amounts:

and (b) two hundred fifty dollars ($250) for single individuals and married individuals filing separate hreturns. g returns;

and o t hr (2) the second tax rebate shall be made h te i k between HTRC September 1 and September HTRC HTRC August 1 and h r i s h August HTRC 30, 2022 in the following amounts:

, t, e u g (a) five hundred dollars ($500) for e b l e e h heads of household, surviving spouses and married individuals n d d ig = = o h l ] b ,d filing joint returns;

and i a e r i = r (b) two hundred fifty dollars ($250) for t e w d m a n o d m :

b e d s o t n = .222876.10AIC April 5, 2022 (5:18pm) s k m e e a n e d r e l u [ A d single individuals and married individuals filing separate returns.

HB 2/a Page 2 E.

The department may require a taxpayer to claim a rebate provided by this section on forms and in a manner required by the department." h SECTION 2.

TEMPORARY PROVISION--RELIEF PAYMENT.-- g o t hr A.

The human services department shall provide a h te i k relief payment to state residents on a first-come, first-servedfirst- hserved r i s basis pursuant to this section until the appropriation pursuant h , t, e u g to Subsection A of Section 4 of this act is exhausted;

provided e b l e e h that the state residents:

n d d ig = = o h (1) are not eligible for a tax rebate provided l ] b ,d i a e r i = r by Section 1 of this act;

t e w d m a n o (2) are not dependents, as that term is used din mthe :Income Tax Act, of a recipient of a rebate provided by Section 1 of this act;

b e d s o t n = .222876.10AIC April 5, 2022 (5:18pm) s k m e - 3 - e a n e d r e l u [ A d in the Income Tax Act, of a recipient of a rebate provided by Section 1 of this act;

and HB 2/a Page 3 (2) five hundred dollars ($500) for households of single individuals without dependents.

For a resident who files an application after h May 31, 2022, the relief payment shall be made in the amounts g o t hr and as provided in Subsection B of this section as soon as h te i k possible after the application is received;

provided that a h r i s relief payment shall not be allowed for an application received h , t, e u g after May 31, 2023.

e b l e e h D.

The department shall require a resident to apply n d d ig = = o h for the relief provided by this section on forms and in a l ] b ,d i a e r i = r manner required by the department.

The application shall t e w d m a n o include documentation of the resident's social security number dor mindividual :taxpayer identification number.

b e d s o t n = .222876.10AIC April 5, 2022 (5:18pm) s k m e - 4 - e a n e d r e l u [ A d or individual taxpayer identification number.

HB 2/a Page 4 SECTION 4.

Twenty million dollars ($20,000,000) is appropriated from the general fund to the human services department for expenditure in fiscal years 2022 and 2023 to h provide the relief payments pursuant to Section 2 of this act.