(ConservativeFreePress.com) – Residents in New Mexico have reason to be excited as they anticipate the arrival of rebate checks, with amounts reaching up to $1,000, due to the state’s excess in budgeted spending. This excess can be attributed to the recent surge in oil prices, which has had a positive impact on the state’s finances.
In April, Governor Grisham enthusiastically announced that rebate checks would be distributed to taxpayers in mid-June, marking a significant effort to put money back into the hands of New Mexicans. The total amount being returned to residents is a striking $673 million.
The distribution of the rebate checks will vary based on filing status. Filers can expect to receive checks of $500 – $1000.
This announcement comes as a result of the notable increase in both oil output and oil prices within New Mexico, leading to the surplus in the state’s budget. According to the Associated Press, the surplus spending for the upcoming year is estimated to be over $3 billion, exceeding initial projections.
Governor Grisham acknowledges the high cost of basic necessities across the nation and wants to ensure that New Mexico’s families benefit from the state’s current strong financial position. The goal is to provide relief and share the success with the residents.
To streamline the process, the governor’s office has made it clear that taxpayers who filed a 2021 tax return will automatically receive the rebate checks via mail or direct deposit. There is no need for residents to file any additional applications to receive the rebates.
The New Mexico Tax and Revenue Dept., led by Secretary Stephanie Schardin Clarke, is diligently preparing for the distribution of the rebate checks. The department is aware of the anticipation among New Mexico residents to receive their payments and is committed to a smooth and efficient process.
According to a spokesperson from the New Mexico Dept. of Revenue, the rebate checks are expected to be sent out in the final two weeks of June, ensuring timely financial assistance for residents.
This initiative demonstrates the importance of the oil industry to New Mexico’s economy and the responsible management of the surplus by state officials. The injection of these rebate checks will have a positive impact on the local economy, encouraging consumer spending, and providing stability to individuals and families in these challenging times.
As the distribution of the rebate checks draws near, the excitement and anticipation among New Mexico residents continues to grow. This financial assistance will not only provide immediate relief but also serve as a testament to the state’s dedication to its residents’ welfare and shared prosperity.
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