A.Except as otherwise provided in Subsection B of this section, any resident who files an individual New Mexico income tax return and who is not a dependent of another individual may claim a tax rebate for a portion of state and local taxes to which the resident has been subject during the taxable year for which the return is filed. The tax rebate may be claimed even though the resident has no income taxable under the Income Tax Act. Married individuals who file separate returns for a taxable year in which they could have filed a joint return may each claim only one-half of the tax rebate that would have been allowed on a joint return.
B.No claim for the tax rebate provided in this section shall be filed by a resident who was an inmate of a public institution for more than six months dur
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A. Except as otherwise provided in Subsection B of this section, any resident who files an individual New Mexico income tax return and who is not a dependent of another individual may claim a tax rebate for a portion of state and local taxes to which the resident has been subject during the taxable year for which the return is filed. The tax rebate may be claimed even though the resident has no income taxable under the Income Tax Act. Married individuals who file separate returns for a taxable year in which they could have filed a joint return may each claim only one-half of the tax rebate that would have been allowed on a joint return. B. No claim for the tax rebate provided in this section shall be filed by a resident who was an inmate of a public institution for more than six months during the taxable year for which the tax rebate could be claimed or who was not physically present in New Mexico for at least six months during the taxable year for which the tax rebate could be claimed. C. For the purposes of this section, the total number of exemptions for which a tax rebate may be claimed or allowed is determined by adding the number of federal exemptions allowable for federal income tax purposes for each individual included in the return who is domiciled in New Mexico plus two additional exemptions for each individual domiciled in New Mexico included in the return who is sixty-five years of age or older plus one additional exemption for each individual domiciled in New Mexico included in the return who, for federal income tax purposes, is blind plus one exemption for each minor child or stepchild of the resident who would be a dependent for federal income tax purposes if the public assistance contributing to the support of the child or stepchild was considered to have been contributed by the resident. D. Except as provided in Subsection F of this section, the tax rebate provided for in this section may be claimed in the amount shown in the following table: Modified gross income is: And the total number of exemptions is: But Not 6 or Over Over 1 2 3 4 5 More $ 0 $ 1,000 $ 195 $ 260 $ 325 $ 390 $ 455 $ 520 1,000 1,500 220 315 405 505 570 675 1,500 2,500 220 315 405 505 570 705 2,500 7,500 220 315 405 505 570 730 7,500 8,000 205 310 390 495 575 730 8,000 9,000 185 285 375 480 575 700 9,000 10,000 170 250 340 425 510 665 10,000 11,500 145 210 275 360 445 600 11,500 13,000 130 185 235 295 365 480 13,000 14,500 115 170 220 275 315 390 14,500 16,500 105 155 185 235 285 335 16,500 18,000 100 130 165 210 250 300 18,000 19,500 90 115 145 180 220 260 19,500 21,000 80 105 140 165 185 230 21,000 23,000 80 105 140 165 185 230 23,000 24,500 75 100 120 145 170 195 24,500 26,000 65 90 115 140 155 180 26,000 27,500 55 80 105 130 140 170 27,500 29,500 50 75 100 115 130 155 29,500 31,000 40 55 80 100 115 130 31,000 32,500 35 50 65 80 100 105 32,500 34,000 25 40 50 65 80 90 34,000 36,000 15 35 40 55 65 75. E. If a taxpayer's modified gross income is zero, the taxpayer may claim a credit in the amount shown in the first row of the table appropriate for the taxpayer's number of exemptions as adjusted by the provisions of Subsection F of this section. F. For the 2022 taxable year and each subsequent taxable year, the amount of rebate shown in the table in Subsection D of this section shall be adjusted to account for inflation. The department shall make the adjustment by multiplying each amount of rebate by a fraction, the numerator of which is the consumer price index ending during the prior taxable year and the denominator of which is the consumer price index ending in tax year 2021. The result of the multiplication shall be rounded down to the nearest one dollar ($1.00), except that if the result would be an amount less than the corresponding amount for the preceding taxable year, then no adjustment shall be made. G. The tax rebates provided for in this section may be deducted from the taxpayer's New Mexico income tax liability for the taxable year. If the tax rebates exceed the taxpayer's income tax liability, the excess shall be refunded to the taxpayer. H. For purposes of this section: (1) "consumer price index" means the consumer price index for all urban consumers published by the United States department of labor for the month ending September 30; and (2) "dependent" means "dependent" as defined by Section 152 of the Internal Revenue Code of 1986, as that section may be amended or renumbered, but also includes any minor child or stepchild of the resident who would be a dependent for federal income tax purposes if the public assistance contributing to the support of the child or stepchild was considered to have been contributed by the resident.