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Corporations 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. [14] 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 ...
The New Mexico Taxation and Revenue Department is the state agency responsible for collecting and distributing governmental revenue in New Mexico [2] and administering the state's motor vehicle code. See also
New Mexico state income tax rates range from 1.70 percent to 5.90 percent. As of the 2022 tax year, most seniors in New Mexico are exempt from Social Security taxes, thanks to changes in the law.
Beginning in 2008, personal income tax rates for New Mexico range from 1.7% to 4.9%, within four income brackets. [42] Beginning in 2007, active-duty military salaries are exempt from the state income tax. [43] New Mexico imposes a gross receipts tax on businesses.
Residents of New Mexico -- who have already gotten several tax breaks this year -- will soon get another round of tax rebates as the state prepares to send payments totaling either $250 or $500 to...
Efforts by New Mexico to save and invest portions of a financial windfall from local oil production are paying off as state government income on investments surpasses personal income tax ...