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2025 New Mexico Statutes
Chapter 7 - Taxation
Article 2 - Income Tax General Provisions
- Section 7-2-1 - Short title.
- Section 7-2-2 - Definitions.
- Section 7-2-3 - Imposition and levy of tax.
- Section 7-2-4 - Exemptions.
- Section 7-2-5 - Repealed.
- Section 7-2-5.1 - Repealed.
- Section 7-2-5.2 - Exemption; income of persons sixty-five and older or blind.
- Section 7-2-5.3 - Repealed.
- Section 7-2-5.4 - Repealed.
- Section 7-2-5.5 - Exemption; earnings by Indians, their Indian spouses and Indian dependents on Indian lands.
- Section 7-2-5.6 - Exemption; medical care savings accounts.
- Section 7-2-5.7 - Exemption; income of individuals one hundred years of age or older.
- Section 7-2-5.8 - Exemption for low- and middle-income taxpayers.
- Section 7-2-5.9 - Exemption; unreimbursed or uncompensated medical care expenses of individuals sixty-five years of age or older.
- Section 7-2-5.10 - Exemption; New Mexico national guard member premiums paid for group life insurance.
- Section 7-2-5.11 - Exemption; armed forces salaries.
- Section 7-2-5.12 - Repealed.
- Section 7-2-5.13 - Exemption; armed forces retirement pay.
- Section 7-2-5.14 - Exemption; social security income.
- Section 7-2-6 - Repealed.
- Section 7-2-7 - Individual income tax rates.
- Section 7-2-7.1 - Tax tables.
- Section 7-2-7.2 - Repealed.
- Section 7-2-7.3 - Repealed.
- Section 7-2-7.4 - 2020 income tax rebate.
- Section 2-7.5 - Supplemental 2021 income tax rebates.
- Section 7-2-7.6 - 2021 income tax rebate.
- Section 7-2-7.7 - Additional 2021 income tax rebates.
- Section 7-2-8 - Repealed.
- Section 7-2-9 - Tax computation; alternative method.
- Section 7-2-10 - Income taxes applied to individuals on federal areas.
- Section 7-2-11 - Tax credit; income allocation and apportionment.
- Section 7-2-12 - Taxpayer returns; payment of tax.
- Section 7-2-12 - Taxpayer returns; payment of tax. (Effective January 1, 2026.)
- Section 7-2-12.1 - Limitation on claiming of credits and tax rebates.
- Section 7-2-12.2 - Estimated tax due; payment of estimated tax; penalty.
- Section 7-2-13 - Credit for taxes paid other states by resident individuals.
- Section 7-2-14 - Low-income comprehensive tax rebate.
- Section 7-2-14.1 - Repealed.
- Section 7-2-14.2 - Repealed.
- Section 7-2-14.3 - Tax rebate of part of property tax due from low-income taxpayer; local option; refund.
- Section 7-2-14.4 - Authorization to fund property tax rebate for low-income taxpayers; tax imposition; election.
- Section 7-2-14.5 - Imposition of tax; limitations.
- Section 7-2-15 - Repealed.
- Section 7-2-16 - Repealed.
- Section 7-2-16.1 - Repealed.
- Section 7-2-17 - Repealed.
- Section 7-2-17.1 - Repealed.
- Section 7-2-18 - Tax rebate of property tax due that exceeds the elderly taxpayer's maximum property tax liability; refund.
- Section 7-2-18.1 - Credit for expenses for dependent child day care necessary to enable gainful employment to prevent indigency.
- Section 7-2-18.2 - Credit for preservation of cultural property; refund.
- Section 7-2-18.3 - Repealed.
- Section 7-2-18.4 - Repealed.
- Section 7-2-18.5 - Repealed.
- Section 7-2-18.6 - Repealed.
- Section 7-2-18.7 - Repealed.
- Section 7-2-18.8 - Repealed.
- Section 7-2-18.9 - Repealed.
- Section 7-2-18.10 - Tax credit; certain conveyances of real property.
- Section 7-2-18.11 - Repealed.
- Section 7-2-18.12 - Repealed.
- Section 7-2-18.13 - Credit; unreimbursed or uncompensated medical care expenses of individuals sixty-five years of age or older.
- Section 7-2-18.14 - Repealed.
- Section 7-2-18.15 - Working families tax credit.
- Section 7-2-18.16 - Credit; special needs adopted child tax credit; created; qualifications; duration of credit.
- Section 7-2-18.16 - Credit; special needs adopted child tax credit; created; qualifications; duration of credit. (Effective January 1, 2026.)
- Section 7-2-18.17 - Angel investment credit.
- Section 7-2-18.17 - Angel investment credit. (Effective January 1, 2026.)
- Section 7-2-18.18 - Renewable energy production tax credit.
- Section 7-2-18.19 - Repealed.
- Section 7-2-18.20 - Repealed.
- Section 7-2-18.21 - Repealed.
- Section 7-2-18.22 - Rural health care practitioner tax credit.
- Section 7-2-18.22 - Rural health care practitioner tax credit. (Effective January 1, 2026.)
- Section 7-2-18.23 - Repealed.
- Section 7-2-18.24 - Geothermal ground-coupled heat pump income tax credit.
- Section 7-2-18.24 - Geothermal ground-coupled heat pump income tax credit. (Effective January 1, 2026.)
- Section 7-2-18.25 - Repealed.
- Section 7-2-18.26 - Agricultural biomass income tax credit.
- Section 7-2-18.26 - Agricultural biomass income tax credit. (Effective January 1, 2026.)
- Section 7-2-18.27 - Repealed.
- Section 7-2-18.28 - Repealed.
- Section 7-2-18.29 - 2015 sustainable building tax credit.
- Section 7-2-18.29 - 2015 sustainable building income tax credit. (Effective January 1, 2026.)
- Section 7-2-18.30 - Repealed.
- Section 7-2-18.31 - New solar market development income tax credit.
- Section 7-2-18.31 - New solar market development income tax credit. (Effective January 1, 2026.)
- Section 7-2-18.32 - 2021 sustainable building tax credit.
- Section 7-2-18.32 - 2021 sustainable building income tax credit. (Effective January 1, 2026.)
- Section 7-2-18.33 - Credit; nurses; 2022 taxable year.
- Section 7-2-18.34 - Child income tax credit.
- Section 7-2-18.35 - Home fire recovery income tax credit.
- Section 7-2-18.35 - Home fire recovery income tax credit. (Effective January 1, 2026.)
- Section 7-2-18.36 - Clean car income tax credit. (Repealed effective January 1, 2031.)
- Section 7-2-18.37 - Clean car charging unit income tax credit. (Repealed effective January 1, 2031.)
- Section 7-2-18.38 - Geothermal electricity generation income tax credit.
- Section 7-2-18.38 - Geothermal electricity generation income tax credit. (Effective January 1, 2026.)
- Section 7-2-18.39 - Advanced energy equipment income tax credit. (Repealed effective January 1, 2034.)
- Section 7-2-19 - Repealed.
- Section 7-2-20 - Information returns.
- Section 7-2-21 - Fiscal years permitted.
- Section 7-2-21.1 - Accounting methods.
- Section 7-2-22 - Administration.
- Section 7-2-23 - Repealed.
- Section 7-2-24 - Optional designation of tax refund contribution [; game protection fund].
- Section 7-2-24 - Optional designation of tax refund contributions. (Effective January 1, 2026.)
- Section 7-2-24.1 - Repealed.
- Section 7-2-24.2 - Repealed.
- Section 7-2-25 - Repealed.
- Section 7-2-26 - Repealed.
- Section 7-2-27 - Repealed.
- Section 7-2-28 - Repealed.
- Section 7-2-28.1 - Veterans' state cemetery fund; created.
- Section 7-2-28.1 - Veterans' state cemetery fund; created. (Effective January 1, 2026.)
- Section 7-2-29 - Repealed.
- Section 7-2-30 - Repealed.
- Section 7-2-30.1 - Repealed.
- Section 7-2-30.2 - Repealed.
- Section 7-2-30.3 - Repealed.
- Section 7-2-30.4 - Repealed.
- Section 7-2-30.5 - Repealed.
- Section 7-2-30.6 - Repealed.
- Section 7-2-30.7 - Repealed.
- Section 7-2-30.8 - Repealed.
- Section 7-2-30.9 - Repealed.
- Section 7-2-30.10 - Repealed.
- Section 7-2-30.11 - Repealed.
- Section 7-2-31 - Repealed.
- Section 7-2-31.1 - Optional refund contribution provisions; conditional repeal.
- Section 7-2-31.1 - Optional refund contribution provisions; conditional repeal. (Effective January 1, 2026.)
- Section 7-2-32 - Deduction; payments into education trust fund.
- Section 7-2-33 - Repealed.
- Section 7-2-34 - Deduction; net capital gain income.
- Section 7-2-35 - Deleted.
- Section 7-2-36 - Deduction; expenses related to organ donation.
- Section 7-2-37 - Deduction; unreimbursed or uncompensated medical care expenses.
- Section 7-2-38 - Deduction; income set aside for future distribution from an estate or trust to a nonresident individual.
- Section 7-2-39 - Deduction from net income for certain dependents.
- Section 7-2-39 - Deduction from net income for certain dependents. (Effective January 1, 2026.)
- Section 7-2-40 - Deduction; income from leasing a liquor license.
- Section 7-2-40 - Deduction; income from leasing a liquor license. (Effective January 1, 2026.)
- Section 7-2-41 - Deduction; school supplies purchased by a public school teacher.
- Section 7-2-41 - Deduction; school supplies purchased by a public school teacher. (Effective January 1, 2026.)
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