2006 New Mexico Statutes - Section 7-2-7 — Individual income tax rates.   (Effective 2005 tax year.)

7-2-7. Individual income tax rates.   (Effective 2005 tax year.)

The tax imposed by Section 7-2-3 NMSA 1978 shall be at the following rates for any taxable year beginning in 2005:  

A.     For married individuals filing separate returns:  

  If the taxable income is: The tax shall be:  Not over $4,000 1.7% of taxable income  Over $  4,000 but not over $  8,000 $ 68.00 plus 3.2% of excess over $  4,000   Over $  8,000 but not over $ 12,000 $  196 plus 4.7% of excess over $  8,000   Over $ 12,000 $  384 plus 5.7% of excess over $ 12,000.   

B.     For surviving spouses and married individuals  filing joint returns:  

  If the taxable income is: The tax shall be:  Not over $8,000 1.7% of taxable income  Over $  8,000 but not over $ 16,000 $  136 plus 3.2% of excess over $  8,000  Over $ 16,000 but not over $ 24,000 $  392 plus 4.7% of excess over $ 16,000  Over $ 24,000 $  768 plus 5.7% of excess over $ 24,000.   

C.     For single individuals and for estates and trusts:

  If the taxable income is: The tax shall be:  Not over $5,500 1.7% of taxable income  Over $  5,500 but not over $ 11,000 $  93.50 plus 3.2% of excess over $  5,500  Over $ 11,000 but not over $ 16,000 $  269.50 plus 4.7% of excess over $ 11,000  Over $ 16,000 $  504.50 plus 5.7% of excess over $ 16,000.   

D.     For heads of household filing returns:  

  If the taxable income is: The tax shall be:  Not over $7,000 1.7% of taxable income  Over $  7,000 but not over $ 14,000 $  119 plus 3.2% of excess over $  7,000  Over $ 14,000 but not over $ 20,000 $  343 plus 4.7% of excess over $ 14,000  Over $ 20,000 $  625 plus 5.7% of excess over $ 20,000.   

E.     The tax on the sum of any lump-sum amounts included in net income is an amount equal to five multiplied by the difference between: 

(1)      the amount of tax due on the taxpayer's taxable income; and 

(2)     the amount of tax that would be due on an amount equal to the taxpayer's taxable income and twenty percent of the taxpayer's lump-sum amounts included in net income.