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More than 28% of the more than 1 million New Mexicans who filed a tax return in 2023 claimed out-of-pocket medical expenses to lower their taxes. (Photo by Phillip Rubino/Getty Images) A state law ...
New Mexico started sending payments in the summer of 2022, but these will continue to roll out into 2023, so long as your return is filed by May 23, 2023. ... South Carolina residents are eligible ...
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...
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 ...
How to apply for solar power tax credits in New Mexico. ... The projects in 2023 were mostly around the state’s urban centers in northern and southwest New Mexico with Bernalillo County having ...
In 2005 the federal government spent $2.03 on New Mexico for every dollar of tax revenue collected from the state. This rate of return is higher than any other state in the United States. [21] The federal government is also a major employer in New Mexico providing more than a quarter of the state's jobs.
New Mexico - The gross receipts tax rate varies throughout the state from 5.125% to 8.6875% with local option taxes imposed at the city and county levels, added to the statewide base tax rate of 5%. [9] Oregon - Oregon levies a Commercial Activity Tax on businesses with more than $1 million of taxable revenue per year. This tax is equal to $250 ...
The foundation ranks tax systems as of July 1, 2023. If we pry our ranking apart, we also learn that we rank 11th for unemployment insurance taxes and 13th for corporate taxes.