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, 2025:

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A. For married individuals filing joint returns, heads of household and surviving spouses:

For taxable income:                         The tax shall be:

Not over $8,000                                            1.5% of taxable income Over $8,000 but not over $25,000                $120 plus 3.2% of excess over $8,000 Over $25,000 but not over $50,000             $664 plus 4.3% of excess over $25,000 Over $50,000 but not over $100,000            $1,739 plus 4.7% of excess over $50,000 Over $100,000 but not over $315,000         $4,089 plus 4.9% of excess over $100,000 Over $315,000                                             $14,624 plus 5.9% of excess over $315,000. B. For single individuals and for estates and trusts:

For taxable income:                         The tax shall be:

Not over $5,500                                            1.5% of taxable income Over $5,500 but not over $16,500                $82.50 plus 3.2% of excess over $5,500 Over $16,500 but not over $33,500             $434.50 plus 4.3% of excess over $16,500 Over $33,500 but not over $66,500             $1,165.50 plus 4.7% of excess over $33,500 Over $66,500 but not over $210,000            $2,716.50 plus 4.9% of excess over $66,500 Over $210,000                                             $9,748 plus 5.9% of excess over $210,000.

    C. For married individuals filing separate returns:

For taxable income:                         The tax shall be:

Not over $4,000                                            1.5% of taxable income Over $4,000 but not over $12,500                $60.00 plus 3.2% of excess over $4,000 Over $12,500 but not over $25,000             $332 plus 4.3% of excess over $12,500 Over $25,000 but not over $50,000             $869.50 plus 4.7% of excess over $25,000 Over $50,000 but not over $157,500            $2,044.50 plus 4.9% of excess over $50,000 Over $157,500                                             $7,312 plus 5.9% of excess over $157,500.

    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.