New Mexico families hit hard by soaring gas prices and inflation could soon get some financial relief, thanks to a $690 million rebate bill passed with bipartisan support in both the state House and Senate.

The bill easily cleared both chambers on the evening of April 5 during a special session of the legislature, according to KRQE.

"Anytime we can bring relief to our families, I'm a big supporter of that," Rep. Roger Montoya (D-Velarde) told KRQE. "I think that this particular rebate gas tax, whatever they want to call it, is useful. I think it will help. I think it's probably not enough in the bigger picture because inflation is increasing at a rate that is devastating to those working families."

The rebate bill, known as House Bill 2, aims to help New Mexicans who are faced with rising prices for not only gas but other utilities and food as well.

The legislation will provide payments of $500 for individuals and $1,000 for married couples. This amount will be directly deposited into bank accounts in the form of two payments, one in spring and the other in fall, KRQE reported.

Money to cover the cost of the payments will come mostly from the increased revenue the state has received from higher fuel prices, according to KRQE.