New Mexico Statutes 7-2-7. Individual income tax rates
The tax imposed by Section 7-2-3 N.M. Stat. Ann. shall be at the following rates for any taxable year beginning on or after January 1, 2021:
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 but not over $157,500 $384 plus 4.9% of excess over $12,000 Over $157,500 $7,513.50 plus 5.9% of excess over $157,500.
B. For heads of household, 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 but not over $315,000 $768 plus 4.9% of excess over $24,000 Over $315,000 $15,027 plus 5.9% of excess over $315,000.
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 but not over $210,000 $504.50 plus 4.9% of excess over $16,000 Over $210,000 $10,010.50 plus 5.9% of excess over $210,000.
D. 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.