FOR IMMEDIATE RELEASE:

WHAT IS THE NEW MEXICO TAX REBATE?

In order to offset the burden of the 2005 high fuel costs, New Mexico provided an Income Tax Energy Rebate.

Every New Mexican qualifies for the rebate except if you were not a resident as of December 31st, 2005, were a dependent of another taxpayer, or were an inmate of a public institution for more than six months.

The amount of the rebate is dependent on your Adjusted Gross Income and the number of exemptions claimed on your tax return as shown in the table below.

New Mexico Income Tax Enegy Rebate

ADJUSTED GROSS INCOME	NUMBER OF EXEMPTIONS:
OVER:	BUT NOT OVER:	1	2	3	4	5	6 OR MORE
$0	$10,000	$139	$179	$214	$244	$269	$289
$10,000	$20,000	$124	$164	$189	$214	$234	$249
$20,000	$35,000	$109	$139	$164	$184	$199	$209
$35,000	$45,000	$94	$119	$139	$154	$164	$169
$45,000	$60,000	$79	$104	$124	$139	$149	$154
$60,000	No Limit	$64	$84	$99	$109	$114	$119

If you filed your 2004 tax return, you should have received a check in the mail by the end of November, 2005. This process is automatic and you do not need to do anything in order to receive the check. If you did not file a 2004 tax return, you can claim the credit on your 2005 tax return which was due April 17, 2006. More information can be found at the New Mexico Tax Energy Rebate Website or by calling 1-866-285-2996.

If you want to know about other New Mexico rebates, credits and deductions go to NM Income Tax Credits, Rebates and Deductions for more information.

This article was intended to provide general information about New Mexico Personal Income Tax Energy Rebate. It does not contain all the information available. If you have further questions, I can be reached at www.dgoodmancpa.com.

About the Author

Dianne Goodman, CPA, FCPA - Specializes in servicing Small Businesses and Individuals. Visit www.dgoodmancpa.com for relevant and current information on a variety of financial and tax issues focusing on small businesses and individuals or call at 1-888-851-1975.

CONTACT INFORMATION:

Dianne Goodman, CPA, FCPA
Comprehensive Small Business Solutions, PC
505 323-2307
1 888-851-1975 toll free
www.dgoodmancpa.com