In New Mexico, lawmakers authorized a new tax rebate on Tuesday to help individuals make ends meet, aiming to provide financial support against rising inflation and gas prices.
After the US state adopts the bill, individual adults will receive 500 dollar checks, while households receive 1,000 dollar payments.
The Senate voted 35-1 in favor of the new aid plan, reportedly distributing roughly 700 million dollars to New Mexicans. The House voted 51-13 in favor of the new aid package.
Elderly persons with little or no income and undocumented immigrants will get payments from the government as a kind of help for those who are struggling financially owing to inflation.
Are the new payments long-term beneficial?
Randal Crowder, a Republican state representative, expressed doubts about whether the additional checks will be good for New Mexicans in the long run.
“It will be a good lift,” Crowder said, “but it will add to inflation.”
“It will put extra pressure and pain on people who aren’t prepared to deal with it.” We’re putting out a raging fire with gas.”
How do I get my hands on the new $500 checks?
According to the Legislative Finance Committee, the bill’s passing may result in up to 490,000 New Mexicans receiving tax rebates worth $500 each.
“Our state’s productive budget surplus allows us to provide much-needed financial help to our folks while they grapple with the consequences of these charges,” state representative Christine Chandler said.
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Individual taxpayers will receive $500 in two installments. In comparison, couples and heads of household will receive $1,000 in two installments, with the first payment arriving in June and the second check coming two months later in August.