There is a newer version of the New Mexico Statutes
2013 New Mexico Statutes
Chapter 7 - Taxation
Article 2A - Corporate Income and Franchise Tax
Section 7-2A-5 - Corporate income tax rates. (1987)
NM Stat § 7-2A-5 (2013) What's This?
7-2A-5. Corporate income tax rates. (1987)
The corporate income tax imposed on corporations by Section 7-2A-3 NMSA 1978 shall be at the rates specified in the following table:
| If the net income is: | The tax shall be |
| Not over $500,000 | 4.8% of net income |
| Over $500,000 but not over $1,000,000 | $24,000 plus 6.4% of excess over $500,000 |
| Over $1,000,000 | $56,000 plus 7.6% of excess over $1,000,000. |
History: 1978 Comp., § 7-2A-5, enacted by Laws 1981, ch. 37, § 38; 1981, ch. 176, § 1; 1983, ch. 213, § 8; 1986, ch. 20, § 36; 1987, ch. 277, § 5.
7-2A-5. Corporate income tax rates. (Effective January 1, 2014.) (2013)
The corporate income tax imposed on corporations by Section 7-2A-3 NMSA 1978 shall be at the rates specified in the following tables:
A. For taxable years beginning prior to January 1, 2014:
| If the net income is: | The tax shall be: |
| Not over $500,000 | 4.8% of net income |
| Over $500,000 but not over $1,000,000 | $24,000 plus 6.4% of excess over $500,000 |
| Over $1,000,000 | $56,000 plus 7.6% of excess over $1,000,000. |
B. For taxable years beginning on or after January 1, 2014 and prior to January 1, 2015:
| If the net income is: | The tax shall be: |
| Not over $500,000 | 4.8% of net income |
| Over $500,000 but not over $1,000,000 | $24,000 plus 6.4% of excess over $500,000 |
| Over $1,000,000 | $56,000 plus 7.3% of excess over $1,000,000. |
C. For taxable years beginning on or after January 1, 2015 and prior to January 1, 2016:
| If the net income is: | The tax shall be: |
| Not over $500,000 | 4.8% of net income |
| Over $500,000 but not over $1,000,000 | $24,000 plus 6.4% of excess over $500,000 |
| Over $1,000,000 | $56,000 plus 6.9% of excess over $1,000,000. |
D. For taxable years beginning on or after January 1, 2016 and prior to January 1, 2017:
| If the net income is: | The tax shall be: |
| Not over $500,000 | 4.8% of net income |
| Over $500,000 but not over $1,000,000 | $24,000 plus 6.4% of excess over $500,000 |
| Over $1,000,000 | $56,000 plus 6.6% of excess over $1,000,000. |
E. For taxable years beginning on or after January 1, 2017 and prior to January 1, 2018:
| If the net income is: | The tax shall be: |
| Not over $500,000 | 4.8% of net income |
| Over $500,000 | $24,000 plus 6.2% of excess over $500,000. |
F. For taxable years beginning on or after January 1, 2018:
| If the net income is: | The tax shall be: |
| Not over $500,000 | 4.8% of net income |
| Over $500,000 | $24,000 plus 5.9% of excess over $500,000. |
History: 1978 Comp., § 7-2A-5, enacted by Laws 1981, ch. 37, § 38; 1981, ch. 176, § 1; 1983, ch. 213, § 8; 1986, ch. 20, § 36; 1987, ch. 277, § 5; 2013, ch. 160, § 3.
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