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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]
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
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.
New Mexico. Rhode Island. Utah. Vermont. West Virginia. Also, this list has been shrinking in recent years, so by the time you retire, your state may no longer tax Social Security. What to keep in ...
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 ...
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.
While the state's math may allow California to meet the 2026 target, attainment of the 100% zero emission target by 2035 is clouded by the slowdown in consumer sales and potential new tariffs that ...
These include a 1% state lodging tax, [172] various tobacco taxes, [173] telecommunications taxes, [174] and ″privilege tax″ (excise tax) on beer, wine, spirits and new vehicles. [ 175 ] [ 176 ] Many localities also collect additional lodging taxes.
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