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[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]
When it comes to taxes, New Mexico is not among the 41 states that do not tax Social Security benefits. But thanks to a recent law, it only taxes those with relatively high incomes -- such as ...
Graduated marginal personal income tax ranges from 1.5% to 5.9%, according to the tax department, and the state's 5.9% cap is moderate compared to other states' personal income tax rates.
Dec. 11—Some 16,700 tax rebate checks from 2022 totaling $6 million were returned to the New Mexico Tax and Revenue Department as undeliverable. ... State looking for New Mexico taxpayers who ...
The New Mexico Taxation and Revenue Department is the state agency responsible for collecting and distributing governmental revenue in New Mexico [2] and administering the state's motor vehicle code. The Taxation and Revenue Department collects taxes within the state and also distributes revenue to support schools and state and local government ...
Oil and gas production, tourism, and federal government spending are important drivers of New Mexico 's economy. The state government has an elaborate system of tax credits and technical assistance to promote job growth and business investment, especially in new technologies. In 2017 New Mexico's gross domestic product was $94.2 billion.
State income tax is imposed at a fixed or graduated rate on taxable income of individuals, corporations, and certain estates and trusts. ... New Mexico, individual ...
New Mexico. New Mexico state income tax rates range from 1.70 percent to 5.90 percent. For the 2022 tax year, most seniors in New Mexico will be exempt from Social Security taxes thanks to recent ...
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