NM 2021 joint 99Kpwages 136Kswages 2Kintrec

[feenberg]

See http://taxsim.nber.org/out2psl/1079

PE applies a $2000 rebate in 2021 that is paid in 2022 or 2023. Also, isn't the amount of the rebate for a joint return only $1,000?

https://www.nmlegis.gov/Sessions/22%20Special/bills/house/HB0002.html

[PavelMakarchuk]

On the amount — $2,000 is correct for this joint filer, because New Mexico enacted two unlimited rebates against 2021 returns, not one:

• §7-2-7.5 "Supplemental 2021 income tax rebates" (Laws 2022, 3rd S.S., Ch. 2 = the HB 2 you cite): $1,000 joint, paid in two 2022 installments;
• §7-2-7.7 "Additional 2021 income tax rebates" (Laws 2023, Ch. 211 §11): another $1,000 joint, paid June 2023, also keyed to the 2021 PIT return.

The $500 income-limited rebate (HB 163, AGI < $150k joint) is correctly denied at this record's ~$237k AGI. So the $1,000 figure counts only HB 2 and misses the 2023 act.

On the timing — This is the rebate-timing convention we closed out in #1068: PolicyEngine books one-time rebates to the year whose return determines them; taxsimtest default mode books the payment year; and — key point — your own opt(27)=1/opt(30)=1 (set on this very record's txpydata) books the eligible year, same as PE. TaxAct returns show neither, since these are administrative payments, not return line items. For comparisons we ship three tools: the srebate output column, compare --net-of-rebates, and compare --taxsim-opt30 (#1070/#1074). If you'd rather both engines exclude rebates from siitax entirely (matching the TA return), that's opt(27)=2 on your side and --net-of-rebates on ours — happy to converge on that as the standard if you prefer it.