New Mexico Tax FAQs

• taxmOuth New Mexico Tax FAQs

New Mexico Tax Forms

• taxmOuth New Mexico Tax Forms

New Mexico Corporate Taxes

• taxmOuth New Mexico Corporate Taxes
• New Mexico Tax Rates & Brackets:
  
  4.8%> $0
  6.4%> $500,000
  7.6%> $1,000,000
  
• Loss Carry-back/fwd: 0 Years Back / 5 Years Forward (Unlimited)
• Throwback Sales?: Y
• Foreign Tax Deductible?: Y
• Alternative Minimum Tax (AMT): N
• Gross Receipts Tax: N
• Capital Stock (Net Worth) Tax?: N

New Mexico Tax Incentives and Credits

• taxmOuth New Mexico Tax Credits
• Job Credits?: N
• R&D Credits?: Y
• Investment Credits?: Y

New Mexico Individual Income Taxes

• taxmOuth New Mexico Individual Income Taxes
• New Mexico tax rates and brackets:
  
  1.7%> $0
  3.2%> $5,500
  4.7%> $11,000
  4.9%> $16,000
  
• Local Option IT Rate: None
• Federal Inc used as Base?: Y
• Standard Deductions: Single $5,450 / Joint $10,900
• Personal Exemptions/Credits (c): Single $3,500 / Joint $7,000 / Dependent $3,500
• Federal Tax Deductible?: N
• State Tax Deductible?: Y
• Alternative Minimum Tax (AMT)?: N

New Mexico Estate, Gift and Inheritance Taxes

• taxmOuth New Mexico Estate and Gift Taxes
• Gift Tax?: N
• Estate Tax?: Copies Federal
• Inheritance Tax?: N
• Generation-Skipping Tax?: N

New Mexico Miscellaneous Taxes

• taxmOuth New Mexico Miscellaneous Taxes
• Gas Tax: 18.0 cents/gallon
• Diesel Tax: 19.0 cents/gallon
• Cigarette Tax: 91.0 cents/20 pack

New Mexico Pass-through Tax Treatment

• taxmOuth New Mexico Pass-through Entity Tax
• LLC Pass-through Recognized?: Y
• S-Corp Pass-through Recognized?: Y

New Mexico Payroll Taxes

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• Unemployment Insurance Tax Index (TaxFoundation.org): #19

New Mexico Property Taxes

• taxmOuth New Mexico Property Taxes
• Median Tax Paid on Homes (Rank): $843 (#42)
• Median Value of Homes: $165,100
• Tax as % of Home Value (Rank): 0.51% (#42)
• Median Income of Homeowner: $52,861
• Tax as % of Income (Rank): 1.59% (#40)

New Mexico Sales and Use Taxes

• taxmOuth New Mexico Sales and Use Taxes
• State Rate: 5.00%
• County & City (Weighted Ave): 1.40%
• Combined State and Ave. Local Rates (Rank): 6.40% (#28)
• General Treatment of Services: Taxable
• Gasoline: Exempt
• Groceries: Exempt