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New Mexico legislature approves payments to offset inflation

Inflation Rebates-New Mexico
Morgan Lee/AP
Democratic state Rep. Christine Chandler, of Los Alamos, with microphone, fields questions from legislators in the New Mexico House of Representatives in Santa Fe, N.M., on Tuesday, April 5, 2022, about a bill that would provide tax rebates and payments to offset the rising consumer prices. The House voted 51-13 to endorse the legislation that was cosponsored by Chandler and Democratic colleagues. More than a dozen states are considering or implementing payouts to the public in response to raging inflation and budget surpluses. (AP Photo/Morgan Lee)

SANTA FE, N.M. (AP) — New Mexico Gov. Michelle Lujan Grisham has signed legislation to provide payments of $500 to individual adults or $1,000 to households to offset increased prices for fuel and other consumer goods. Signed Friday, the bill provides two installments in June and August. The payments will arrive on top separate tax rebates in July that exclude upper-income residents. Income limits don't apply to the newly approved payments, which will cost the state about $700 million. The New Mexico state government is experiencing a financial windfall linked to record-setting oil production in the Permian Basin. Lujan Grisham said the rebates are meaningful to families but won't necessarily be repeated in future years.