NMSA 1978, § 7-2-7 — Individual income tax rates

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.