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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]
Feb. 26—A state district judge Monday denied a motion from the city of Santa Fe to toss a lawsuit challenging the city's authority to impose a voter-approved excise tax on high-end home sales.
New Mexico Taxation and Revenue Department; Department overview; Type: Taxation & Revenue Services: Jurisdiction: State of New Mexico: Headquarters: 1100 South St. Francis Drive Santa Fe, New Mexico 87504-1028: Employees: 803: Annual budget: US$ 90,078,526.00 [1] Department executive
Nov. 16—The city of Santa Fe is asking a judge to dismiss a lawsuit seeking to overturn the new tax on high-end home sales approved by voters earlier this month. In a court filing Monday, City ...
Santa Fe voters previously shied away from prominent tax initiatives, rejecting a 1% tax on high-end home sales in 2009 and defeating a tax on sugary drinks to expand early childhood education in ...
Beginning in 2008, personal income tax rates for New Mexico range from 1.7% to 4.9%, within four income brackets. [42] Beginning in 2007, active-duty military salaries are exempt from the state income tax. [43] New Mexico imposes a gross receipts tax on businesses.
Santa Fe (/ ˌ s æ n t ə ˈ f eɪ, ˈ s æ n t ə f eɪ / SAN-tə FAY, - fay; Spanish:) is the capital of the U.S. state of New Mexico, and the county seat of Santa Fe County.With over 89,000 residents, [5] Santa Fe is the fourth-most populous city in the state, [6] and part of the Albuquerque–Santa Fe–Los Alamos combined statistical area, which had a population of 1,162,523 in 2020.
Energy regulators in New Mexico prepared to begin providing tax breaks to renewable energy projects in the state after lawmakers passed a bill to do so during the 2024 Legislative Session via a ...
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