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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 listed in the table below. [10] Rate. Income. Heads of household, widow (er)s, and married persons filing jointly. 1.7%. $8,000 or less. $136 plus 3.2% of excess over $8,000.
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.
Dan Boyd, Albuquerque Journal, N.M. August 21, 2024 at 3:01 PM. Aug. 21—SANTA FE — New Mexico's unprecedented, oil-powered revenue growth is slowing, but state lawmakers will still have a ...
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 ...
In a press release issued Feb. 10, the IRS clarified the tax status of special state-administered payments to millions of residents in 21 states, ... New Mexico: Multiple rebate and relief programs.
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 ...
Taxation in the United States. 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 includes the per capita tax collected at the ...
The child tax credit is offered on a sliding scale based on income. Taxpayers earning up to $25,000 can claim $600 per child; up to $50,000, $400; up to $75,000, $200; ... New Mexico taxpayers can ...
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