LAS CRUCES, NM (KTSM) – New Mexico residents will be receiving $500 to help with the financial impacts of inflation and high gas prices.

This as both the House and the Senate passed the bipartisan legislation for the payments. The only step left is for the governors to sign the bill.

“Now it heads up to us and the Governor to sign it but I’m expecting she’ll sign it pretty quickly and then the Tax and Revenue Department will start processing all those who filed their taxes to get direct payments either to their bank accounts or checks directly to those new Mexico tax payers,” said Howie Morales the Lieutenant Governor for New Mexico.

“That’s cool it will help with everything like gas, and everything that’s going on right now,” said New Mexico Resident Ray Bowers, KTSM 9 News meeting up with him at the gas station. “Especially gas for me trucks waste a lot gas.”

The Lieutenant Governor explaining that New Mexico Residents who file their taxes as single will receive $500 and couples who file together will get $1,000.

“700 million dollars is what this will be an impact to the state budget but it will have more of an impact to local families to making sure that they have assistance to those higher prices that were seeing all over the country,” said Howie Morales the Lieutenant Governor.

Explaining that the state is sitting over 30 percent reserves and after the direct payments go out through the general funds, New Mexico will maintain a 28 percent budget reserve.

Morales also talked about the impact the legalization of Cannabis in the state will have on the reserve.

“To bring other sources of revenue, cannabis one of those examples as we see over $5 million I believe in sales in just one week that shows that were able to absorb some of the changes to our budget reserves but at the same time provide relief to New Mexico families,” said Morales.

He adds that the payments will come in two installments with the first in a short time span and the second later on in the year. In addition there is no income cap and those who don’t pay taxes will be able to apply to receive money from a separate $20 million relief fund on a first come first serve basis.

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