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NMSA 1978 Chapter 7 — Taxation

NMSA 1978, § 7-2-7

Individual income tax rates

Official textnmonesource.comlast amended

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:
Not over $8,000
Over $8,000 but not over $25,000 Over $25,000 but not over $50,000 Over $50,000 but not over $100,000 Over $100,000 but not over $315,000 Over $315,000 The tax shall be:
1.5% of taxable income
$120 plus 3.2% of excess over $8,000 $664 plus 4.3% of excess over $25,000 $1,739 plus 4.7% of excess over $50,000 $4,089 plus 4.9% of excess over $100,000 $14,624 plus 5.9% of excess over $315,000.

# B.

For single individuals and for estates and trusts:
For taxable income:
Not over $5,500
Over $5,500 but not over $16,500 Over $16,500 but not over $33,500 Over $33,500 but not over $66,500 Over $66,500 but not over $210,000 Over $210,000 The tax shall be:
1.5% of taxable income
$82.50 plus 3.2% of excess over $5,500 $434.50 plus 4.3% of excess over $16,500 $1,165.50 plus 4.7% of excess over $33,500 $2,716.50 plus 4.9% of excess over $66,500 $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.

Amendment history

Laws 2005, ch. 104, § 4; 2019, ch. 270, § 12; 2024, ch. 67, § 5.

Source: official source (NMSA chapter on nmonesource.com)

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In this article (40 sections)
  1. 7-2-1 · Short title
  2. 7-2-2 · Definitions
  3. 7-2-3 · Imposition and levy of tax
  4. 7-2-4 · Exemptions
  5. 7-2-5 · Repealed
  6. 7-2-5.1 · Repealed
  7. 7-2-5.2 · Exemption; income of persons sixty-five and older or blind
  8. 7-2-5.3 · Repealed
  9. 7-2-5.4 · Repealed
  10. 7-2-5.5 · 7-2-5.5
  11. 7-2-5.6 · Exemption; medical care savings accounts
  12. 7-2-5.7 · 7-2-5.7
  13. 7-2-5.8 · Exemption for low- and middle-income taxpayers
  14. 7-2-5.9 · 7-2-5.9
  15. 7-2-5.10 · 7-2-5.10
  16. 7-2-5.11 · Exemption; armed forces salaries
  17. 7-2-5.12 · Repealed
  18. 7-2-5.13 · Exemption; armed forces retirement pay
  19. 7-2-5.14 · Exemption; social security income
  20. 7-2-6 · Repealed
  21. 7-2-7 · Individual income tax rates
  22. 7-2-7.1 · Tax tables
  23. 7-2-7.2 · Repealed
  24. 7-2-7.3 · Repealed
  25. 7-2-7.4 · 2020 income tax rebate
  26. 7-2-7.5 · Supplemental 2021 income tax rebates
  27. 7-2-7.6 · 2021 income tax rebate
  28. 7-2-7.7 · Additional 2021 income tax rebates
  29. 7-2-8 · Repealed
  30. 7-2-9 · Tax computation; alternative method
  31. 7-2-10 · Income taxes applied to individuals on federal areas
  32. 7-2-11 · Tax credit; income allocation and apportionment
  33. 7-2-12 · Taxpayer returns; payment of tax
  34. 7-2-12.1 · Limitation on claiming of credits and tax rebates
  35. 7-2-12.2 · Estimated tax due; payment of estimated tax; penalty
  36. 7-2-13 · Credit for taxes paid other states by resident individuals
  37. 7-2-14 · Low-income comprehensive tax rebate
  38. 7-2-14.1 · Repealed
  39. 7-2-14.2 · Repealed
  40. 7-2-14.3 · 7-2-14.3
Full table of contents →