EL PASO, Texas (Border Report) – New Mexico residents are one signature away from getting $500 to $1,000 from the state to compensate for rising gas prices and inflation.

The state legislature late Tuesday approved the Household Relief Payments bills providing two $250 payments for single state residents who filed an income tax and two $500 payments for joint filers. The bill passed by both the House and Senate in a one-day special session is now awaiting the signature of Gov. Michelle Lujan Grisham.

“Many working New Mexico families have had to cut back on day-to-day expenses to make ends meet,” said House Majority Leader Javier Martínez, D-Albuquerque. “This special session, we are working together to provide relief to working families and make sure that every New Mexican can benefit from the record revenues to our state.”

Once the governor signs the bill — which she is expected to do– the tax-rebate payments would be disbursed in equal amounts in June and September. The money is coming from general fund revenues boosted by gas and oil taxes. A total of $338.7 million would be drawn from each of the next two fiscal years’ coffers.

“I thank the Legislature for acting quickly and answering my call to protect New Mexicans’ paychecks, building on the half a billion dollars in tax relief that we worked together to enact earlier this year,” Lujan Grisham tweeted on Wednesday.

Seniors and people with disabilities with no taxable income are also eligible, and those who did not file income taxes are covered by a $20 million special fund on a first-come basis. Only dependents on a parent or guardian’s tax form would be excluded.

“We have the opportunity to build on the work we did during the recent 30-day session to put more money back into the pockets of New Mexicans at a time when they need it,” said House Taxation and Revenue Committee Chair, Representative Christine Chandler. D-Los Alamos.

The state earlier this year approved tax rebates and a child income tax credit for families.