New Mexicans, prepare to get smaller rebate checks. Gov. Bill Richardson revised his tax rebate proposal Thursday on the eve of a special legislative session scheduled to start Friday.

The revision came after government economists further revised their revenue projections downward, predicting that New Mexico would get $207.6 million, not $225 million as predicted earlier in the week, in new, one-time money to fund Richardson’s special session priorities.

The new, $120 million rebate package would benefit lower- and middle-income families most — with a family of four earning up to $45,000 qualifying for a $320 rebate check, the governor’s office said. Families earning up to $80,000 would benefit, while those earning more than $80,000 would not qualify, according to a press release.

Here are examples of what New Mexican can expect, as provided by the govenror’s office:
 

The rebate package would result in $120 for each taxpayer plus $48 for each dependent for taxpayers with adjusted gross incomes up to $60,000. The credit amount would be reduced above that income level:

·For taxpayers with incomes between $60,000 and $70,000 the credit would be $80 for each taxpayer and $32 for each dependent.

For taxpayers with incomes between $70,000 and $80,000 the credit would be $40 for each taxpayer and $16 for each dependent.

Taxpayers with incomes over $80,000 would not qualify for the credit.

Examples include:

A married couple with two children and income of $45,000 would receive a rebate of $336. A single mother with one child and income of $25,000 would receive a rebate of $168. A single person with income of $15,000 would receive a rebate of $120. A married couple with one child and income of $75,000 would receive a rebate of $96.