Business Inventory Tax
Business inventory is exempt.
Corporate Income Tax
New Mexico's corporate tax structure consists of three brackets in which all income under $500,000 is taxed at 4.8%, income between $500,000 and $1 million is taxed at 6.4% and all income over $1 million is taxed at 7.6%.
Personal Income Tax
New Mexico's personal income tax system consists of seven brackets and a top rate of 8.2% starting at an income level of $65,000.
Personal Property Tax
New Mexico is one of the 38 states that collect property taxes at both the state and local levels. New Mexico does not assess tax on intangible personal property.
State Sales and Use Tax
Base Rate: 5 %
Machinery Rate: 5 %
A credit is allowed against the gross receipts tax, compensating tax, or withheld income taxes due in an amount equal to the percent of the compensating tax rate applied to the value of qualified equipment incorporated into manufacturing operation in New Mexico.
Unemployment Insurance
New Mexico's new employers' rate is 2.0% for 4 years.