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Regular military salaries of New Mexico residents serving in the U.S. military are subject to the income tax, but since 2007, active-duty military salaries have been exempt from the state income tax. [7] [8] Personal income tax rates for New Mexico range from 1.7% to 4.9%, within four income brackets. [9] The individual income tax rates are ...
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.
Efforts by New Mexico to save and invest portions of a financial windfall from local oil production are paying off as state government income on investments surpasses personal income 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. This table ...
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 burdens.
States with no income tax. Retirement distributions from 401(k) plans or IRAs are considered income for tax purposes. Fortunately, there are several places with no state income tax: Alaska ...
New Mexico, individual and corporate, 1919, apparently abolished soon thereafter; ... 2022, the top personal income tax rate was reduced to 4.9% retroactively ...
Today property tax rates reflect the reality that in New Mexico many people are land rich and cash poor. Other components in the Tax Foundation’s 2024 State Business Tax Climate Index are mixed.
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