Taxpayer Dividend Income Tax Rebate Fund

Where it is in the process

Plain-English Summary

This bill creates the Taxpayer Dividend Income Tax Rebate Fund to provide income tax rebates to New Mexico residents who file a tax return. It changes how certain federal mineral leasing funds are distributed, redirecting money that previously went to the Early Childhood Education and Care Fund to the new Taxpayer Dividend Income Tax Rebate Fund. The amount of the rebate will be determined by dividing the money in the fund by the number of eligible tax filers.

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