State Tax Laws - New Mexico

Individual rates range from 1.7% to 4.9%, standard deductions and exemptions are the same as federal, retired taxpayers have additional exemptions, can be more than double the standard amount. One of the four states that makes it difficult to move abroad. They consider those who move overseas still residents unless they have fully severed ties within the state. An inheritance may be included in modified adjusted gross income and taxed that way, but there is no specific inheritance or estate tax.

Corporate taxes range from 4.8% to 7.3%. Sales tax is set a 5.125% but cities and counties may add an additional 6.625%. New Mexico also charges businesses a 5.3% annual excise tax on use of goods and services. More information on New Mexico taxes can be viewed at: http://www.tax.newmexico.gov/


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