New Mexico Department of Revenue, New Mexico Tax

New Mexico Business Corporate Tax, New Mexico Personal Income Tax, New Mexico Sales Tax Rates

What is the New Mexico Corporate net income tax rate(s)?

There is a minimum franchise tax due of $50.00.

What is the New Mexico personal net income tax rate(s)?

What is the average New Mexico sales tax rate(s)?

6.4% The State has a 5% tax, but the average local tax is 1.4% making a total of 6.4%

Are there standard deductions?

Single:  $5,450.00
Joint:  $10,900.00

Are there personal exemptions?

Single:  $3,500.00
Dependants:  $3,500.00

What forms do you file for your New Mexico taxes?

C corporations:   Form CIT-1
S Corporations:  Form PTE-1
Partnerships:  Form PTE-1
Individual:  Form PIT-1

Estimated tax payments?

Form PIT-ES for personal returns. New Mexico follows the IRS standards for estimated payments. If you will owe $500.00 or more in tax, personally for the current year, you are required to make 90% of the tax due, over quarterly payments. It has to be at least 100% of the previous year, even if you think you won't make as much in the current year.

New Mexico Department of Revenue:

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