New Mexico Department of Revenue, New Mexico Tax

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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)?


0-500,000 4.8%
500,000- 1 million 6.4%
1 million + 7.6%

There is a minimum franchise tax due of $50.

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


0-5,500 1.7%
5,500-11,000 3.2%
11,000-16,000 4.7%
16,000 + 4.9%

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
Joint:  $10,900

Are there personal exemptions?

Single:  $3,500
Dependants:  $3,500

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 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:

State of New Mexico Taxation and Revenue
1100 South St. Francis Dr. P.O. Box 630
Santa Fe , NM 87504-0630
Telephone: 505-827-0700
Website:  http://www.tax.state.nm.us/

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