New Mexico Statutes

Code Section
7-2-7, et seq.

Who is Required to File
Residents on net income and nonresidents deriving income from business, employment, or property in New Mexico, including estates and trusts

Rate
First $8,000, 1.7%; Next $8,000, 3.2%; Next $8,000, 4.7%; Next $16,000, 6.0%; Over $40,000, 6.8% (for Tax Year 2004). First $8,000, 1.7%; Next $8,000, 3.2%; Next $8,000, 4.7%; Over $24,000, 6.0% (for Tax Year 2005)

Federal Income Tax Deduction
No

Federal Income used as Basis
Yes


Inside New Mexico Statutes