This morning, the office of House Speaker Paul Ryan released a blueprint for tax reform that would overhaul major components of the U.S. tax code and lower taxes for households and businesses. The key details of the plan...
The facts on New Mexico’s Tax Climate
4.9%Individual Income TaxTop rate
6.6%Corporate Income TaxTop rate
5.125%Sales TaxGross Receipts Tax
$685Property Tax CollectionsPer Capita
New Mexico's Individual Income Tax System
New Mexico's individual income tax system consists of four brackets with a top rate of 4.9%. The top rate ranks 35th highest among states levying an individual income tax. New Mexico's state and local tax collections per person were $595 in 2013, which ranked 38th highest nationally.
50-State Table of Individual Income Tax Rates
50-State Table of State Individual Income Tax Collections
50-State Table of State and Local Individual Income Tax Collections Per Capita
New Mexico's Corporate Income Tax System
New Mexico's corporate income tax system consists of three brackets with a top rate of 6.6%. The top rate ranks 23rd highest among states levying a corporate income tax. New Mexico's state and local corporate income tax collections per person were $128 in 2013 which ranked 30th highest nationally.
50-State Table of Corporate Income Tax Rates
50-State Table of State and Local Corporate Income Tax Collections Per Capita
50-State Table of State Corporate Income Tax Collections Per Capita
New Mexico Sales and Excise Taxes
New Mexico levies a 5.125% Gross Receipts Tax, similar to sales taxes in other states but broader in its application. The average local sales tax rate is an additional 2.4%. New Mexico's state and local governments collect $1,403 per person in general sales taxes and $373 per person in excise taxes, for a combined figure of $1,776, which ranks 10th highest nationally. New Mexico's gasoline tax stands at 18.88 cents per gallon, 44th highest nationally, while its cigarette tax stands at $1.66, 21st highest nationally.
50-State Table of State and Local General and Selective Sales Tax Collections Per Capita
New Mexico Property Tax Collections Relatively Low
New Mexico's state and local governments collected approximately $685 per person in property taxes in 2013, which ranks 47th nationally.
State and local property tax collections per capita by state
Tax Freedom Day Arrives on April 9th in New Mexico
Tax Freedom Day is the day when Americans have finally earned enough money to pay off their total tax bill for the year. In 2016, New Mexico taxpayers have to work until April 9th (6th earliest nationally) to pay their total tax bill.
New Mexico's State and Local Tax Burden Ranks 37th
New Mexico's 2012 tax burden of 8.7% ranks 37th highest in the nation, and is below the national average of 9.9%. New Mexico's taxpayers pay $3,141 per capita in state and local taxes.
New Mexico's State-Local Tax Burden, 1977-Present
Other States' State/Local Tax Burdens
Map of U.S. Showing all State's Burdens and Ranks
Historical Chart Comparing All States' State/Local Tax Burdens from 1977 to 2009
New Mexico's 2016 Business Tax Climate Index Ranks 35th
New Mexico ranks 35th on the Tax Foundation's State Business Tax Climate Index. The Index compares the states in five areas of taxation that impact business: corporate taxes (27th), individual income taxes (34th), sales taxes (48th), unemployment insurance taxes (7th), and taxes on property (1st), including residential and commercial property.
State Business Tax Climate Index (full study)
New Mexico Info
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