NMSA 1978, § 7-2-7.1 — Tax tables

In lieu of the tax rate computations required in Section 7-2-7 NMSA 1978, the
secretary may adopt regulations requiring taxpayers to pay taxes in accordance with tax
rate tables. The tax tables may be established either by regulation or by instruction but
shall be computed substantially on the basis of the rates prescribed in Section 7-2-7
NMSA 1978. The secretary may by regulation or instruction exclude from the application
of this section taxpayers having net incomes in excess of an amount to be determined
by the secretary and may exclude taxpayers in any net-income class having more
exemptions than the number of exemptions specified by the secretary for that category.