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State. Tax Rate Range. Income Range for Tax Brackets. ... New Mexico. 5 Brackets: 1.5% to 5.9%. ... State Income Tax Rates for 2024-2025. Show comments.
[1] [2] It does not have inheritance tax, estate tax or franchise taxes. While New Mexico does not have a state sales tax it does have a statewide "gross receipts tax", which is commonly passed on to the consumer by businesses just like a normal sales tax. [3] [4] [5] Its state income tax ranges from 1.7% to a maximum of 4.9%. [3]
New Mexico. New Mexico taxes retirement income using state income tax rates, which range from 1.7% to 5.9% in 2024. Residents ages 65 and older can claim an $8,000 exemption to offset their tax ...
Median household income and taxes State Tax Burdens 2022 % of income. State tax levels indicate both the tax burden and the services a state can afford to provide residents. States use a different combination of sales, income, excise taxes, and user fees. Some are levied directly from residents and others are levied indirectly.
New Mexico state income tax rates range from 1.70 percent to 5.90 percent. As of the 2022 tax year, most seniors in New Mexico are exempt from Social Security taxes, thanks to changes in the law.
This is a table of the total federal tax revenue by state, federal district, and territory collected by the U.S. Internal Revenue Service. Gross Collections indicates the total federal tax revenue collected by the IRS from each U.S. state , the District of Columbia , and Puerto Rico .
State of New Mexico ... (June 2024) (Learn how and when ... A tax rate of about 30 mills is applied to the taxable value, resulting in an effective tax rate of about ...
Residents of New Mexico -- who have already gotten several tax breaks this year -- will soon get another round of tax rebates as the state prepares to send payments totaling either $250 or $500 to...
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