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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
Corporations that generate income from activities or sources in New Mexico and that are required to file federal income tax returns as corporations must pay corporate income tax to the state. [13] Corporate income is taxed at the rate of 4.8% for the first $500,000, 6.4% for the next $500,000 (up to total income of $1 million), and 7.6% for ...
Lawmakers amended the Income Tax Act in 2019 to allow non-residents to claim a deduction on the benefits they receive from an estate or trust in New Mexico. But again, the law only allows claims ...
The new state tax credits are on top of federal credits. ... And like New Mexico, there's a federal tax credit for charging stations, available for infrastructure set up between 2022 and 2033. For ...
In 2021, the federal government spent $2.48 on New Mexico for every dollar of tax revenue collected from the state, higher than every state except Kentucky. [290] The same year, New Mexico received $9,624 per resident in federal services, or roughly $20 billion more than what the state pays in federal taxes. [ 291 ]
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 ...
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.
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