New Mexico — Income & Franchise Tax Basics (State Tax Charts)
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Income & Franchise Tax Basics
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New Mexico (NM) — Income & Franchise Tax Basics: Individual 1.5%–5.9% (2025 brackets); corporate 5.9%. New Mexico's restructured 2025 brackets run roughly 1.5% to 5.9% for individuals; corporations pay a flat 5.9%. Note New Mexico's GRT (its sales-tax analog) applies broadly to services as well. Authority: NMSA 1978 §7-2-7; NM TRD. CPA-verified 2026-07-11.
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