Īt the state level, gross receipts on most types of transactions are taxed at a rate of 5.125%. Normally, the provider or seller passes the tax on to the purchaser, but legal incidence and burden apply to the business, as an excise tax. This resembles a sales tax, but unlike most states' sales taxes it applies to services, as well as tangible goods. However, the state imposes a gross receipts tax (GRT) on many business transactions. New Mexico does not have a state sales tax. GRT rates by county (not including cities) Corporate income is taxed at the rate of 4.8% for the first $500,000, 6.4% for the next $500,000 (up to total income of $1 million), and 7.6% for income above the first million. Ĭorporations that generate income from activities or sources in New Mexico and that are required to file federal income tax returns as corporations must pay corporate income tax to the state. Those reporting an exemption for more or less than 50% of total joint income are required to attach a statement to their returns showing a correct division of community property along with separate income and payments. As New Mexico is a community property state, married centenarians filing jointly or separately may exempt half of all community income and all of their separate income. Unmarried centenarians are not required to file a return unless they want to claim rebates and credits available for low-income filers. Uniquely, New Mexico has an income tax exemption for centenarians since tax year 2002, provided that they turn 100 (or older) at the end of the tax year they claim for exemption and they're not claimed as a dependent by another New Mexico taxpayer. Heads of household, widow(er)s, and married persons filing jointly The individual income tax rates are listed in the table below. Personal income tax rates for New Mexico range from 1.7% to 4.9%, within four income brackets. military are subject to the income tax, but since 2007, active-duty military salaries have been exempt from the state income tax. Regular military salaries of New Mexico residents serving in the U.S.
Additionally, the personal income tax applies to nonresidents who work in the state or derive income from property there. New Mexico residents are subject to the state's personal income tax. Its state income tax ranges from 1.7% to a maximum of 4.9%. While New Mexico does not have a state sales tax it does have a statewide "gross receipts tax", which is commonly passed on to the consumer by businesses just like a normal sales tax. It does not have inheritance tax, estate tax or franchise taxes. New Mexico is among the "tax-friendly" states of the U.S., offering numerous economic incentives and tax breaks on personal and corporate income.
The principal taxes levied include state income tax, a state gross receipts tax, gross receipts taxes in local jurisdictions, state and local property taxes, and several taxes related to production and processing of oil, gas, and other natural resources. All taxes are administered on state- and city-levels by the New Mexico Taxation and Revenue Department, a state agency. Taxation in New Mexico comprises the taxation programs of the U.S state of New Mexico.
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