New Mexico Personal Income Tax Laws
|Code Section||7-2-7, et seq.|
|Who is Required to File||Residents on net income and nonresidents deriving income from business, employment, or property in New Mexico, including estates and trusts|
|Rate||First $8,000, 1.7%; Next $8,000, 3.2%; Next $8,000, 4.7%; Next $16,000, 6.0%; Over $40,000, 6.8% (for Tax Year 2004). First $8,000, 1.7%; Next $8,000, 3.2%; Next $8,000, 4.7%; Over $24,000, 6.0% (for Tax Year 2005)|
|Federal Income Tax Deductible||No|
|Federal Income Used as Basis||Yes|
Note: State laws are constantly changing -- contact an attorney or conduct your own legal research to verify the state law(s) you are researching.
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