2017 New Mexico Statutes
Chapter 7 - Taxation
Article 2A - Corporate Income and Franchise Tax
Section 7-2A-5 - Corporate income tax rates.
7-2A-5. Corporate income tax rates.
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.