N.M. Stat. § 7-2-7

Current through 2024, ch. 69

Section 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.

NMS § 7-2-7

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

Amended by 2024, c. 67,s. 5, eff. 1/1/2025, app. to taxable years beginning on or after January 1, 2025.

Amended by 2019, c. 270,s. 12, eff. 1/1/2021.