New Mexico state is joining the likes of Alaska, California, Idaho, Rhode Island, South Carolina, and Virginia this month in offering stimulus checks to eligible residents. Since COVID-19, cost of living has been at a point of crisis nationwide. States are turning to stimulus payments or tax rebates to provide both immediate financial relief for low- and middle- income residents while also encouraging economic activity.
Up to $1,000 stimulus check payments and no application requirements
While stimulus payments and tax rebates often outline qualifying criteria to only include low-income households, New Mexico’s rebate will be automatically paid out to residents who filed a 2021 Personal Income Tax (PIT) return and are not declared as a dependent on another taxpayer’s return. While the deadline to file 2021 PIT tax returns was May 31st 2024, qualified residents can expect rebates up to $1,000. The rebate will be funded automatically.
The maximum rebate households can expect to receive is $1,000. The amount applies to married couples filing income tax jointly, heads of households, and survivors. The income tax must have reached the threshold to qualify for a refundable amount. Individuals filing their income tax returns can expect to receive up to $500 in rebates.
New Mexico allocated $15 million dollars towards rebates
New Mexico governor Lujan Grisham recognized the current cost of living is a challenge for the majority of households. “Prices for basic necessities continue to be high across the nation,” says Gov. Lujan Grisham, “our state today is in a fantastic financial position, and it’s important to me that New Mexico’s families are sharing in that success.”
The state set aside $15 million worth of funding to go towards tax rebates for New Mexico residents. The money has been distributed by an application process to the Department of Human Services. While there is usually admin and applications involved in receiving rebates, New Mexico has simplified the process by automatically funding eligible households. Residents can check their eligibility online too.
New Mexico is one of the most affordable states in the U.S
While cost of living is affecting states nationwide, New Mexico still comes out on top as one of the more affordable places of residence. Cost of living is below the national average, and with a minimum wage set at $12/hr, this goes a lot farther than more expensive states such as California or New York. However, for New Mexico residents, comparisons do not nullify the fact that prices have continued to rise.
The average New Mexican family spends just under $300 on groceries a week. While food prices are slowly stabilizing, the difference from pre-Covid prices is noticeable. The good news however is that foods which have gone up the most in price are mostly processed food and not produce. Eggs, milk, and meat continue to have a modest price increase.
New Mexico has also been praised for their anti-poverty child programs. Further, from October 1st, beneficiaries of the Supplemental Nutrition Assistance Program (SNAP) will have their monthly food benefits increased as well as see extended certification periods and expanded eligibility. Eligible beneficiaries will see an increase in benefits form $32 a month to $100.
“No New Mexican should ever have to go hungry. By expanding SNAP access and increasing benefits, we’re making sure more families, seniors, and individuals with disabilities have the support they need to live with dignity and security,” says Gov. Michelle Lujan Grisham, “these changes are a step forward in our ongoing efforts to reduce hunger and strengthen the well-being of our communities.”
SNAP supports over 470,000 New Mexico residents. New Mexico state is showing commitment to their vulnerable residents as well as sensitivity to how cost of living impacts everyone regardless of income status.
