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New Mexico Statutes Chapter 7. Taxation § 7-2-7. Individual income tax rates

Current as of January 01, 2024 | Updated by Findlaw Staff

The tax imposed by Section 7-2-3 NMSA 1978 shall be at the following rates for any taxable year beginning on or after January 1, 2025:

A. For married individuals filing joint returns, heads of household and surviving spouses:

  For taxable income:

The tax shall be:

Not over $8,000

1.5% of taxable income

Over $8,000 but not over $25,000

$120 plus 3.2% of
excess over $8,000

Over $25,000 but not over $50,000

$664 plus 4.3% of
excess over $25,000

Over $50,000 but not over $100,000

$1,739 plus 4.7% of
excess over $50,000

Over $100,000 but not over $315,000

$4,089 plus 4.9% of
excess over $100,000

Over $315,000

$14,624 plus 5.9% of
excess over $315,000.

B. For single individuals and for estates and trusts:

  For taxable income:

The tax shall be:

Not over $5,500

1.5% of taxable income

Over $5,500 but not over $16,500

$82.50 plus 3.2% of
excess over $5,500

Over $16,500 but not over $33,500

$434.50 plus 4.3% of
excess over $16,500

Over $33,500 but not over $66,500

$1,165.50 plus 4.7% of
excess over $33,500

Over $66,500 but not over $210,000

$2,716.50 plus 4.9% of
excess over $66,500

Over $210,000

$9,748 plus 5.9% of
excess over $210,000.

C. For married individuals filing separate returns:

  For taxable income:

The tax shall be:

Not over $4,000

1.5% of taxable income

Over $4,000 but not over $12,500

$60.00 plus 3.2% of
excess over $4,000

Over $12,500 but not over $25,000

$332 plus 4.3% of
excess over $12,500

Over $25,000 but not over $50,000

$869.50 plus 4.7% of
excess over $25,000

Over $50,000 but not over $157,500

$2,044.50 plus 4.9% of
excess over $50,000

Over $157,500

$7,312 plus 5.9% of
excess over $157,500.

D. The tax on the sum of any lump-sum amounts included in net income is an amount equal to five multiplied by the difference between:

(1) the amount of tax due on the taxpayer's taxable income;  and

(2) the amount of tax that would be due on an amount equal to the taxpayer's taxable income and twenty percent of the taxpayer's lump-sum amounts included in net income.

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Cite this article: FindLaw.com - New Mexico Statutes Chapter 7. Taxation § 7-2-7. Individual income tax rates - last updated January 01, 2024 | https://codes.findlaw.com/nm/chapter-7-taxation/nm-st-sect-7-2-7/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

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