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New Mexico
Corporate Income Tax Rate at a Glance
New Mexico's top corporate income tax rate is 5.9%, applied as graduated brackets. This places New Mexico in the "Moderate (5–7.99%)" tier among U.S. states.
Rate Structure (Flat vs. Graduated)
Graduated brackets: 4.8% on first $500,000; 5.9% on income over $500,000.
Franchise Tax / Annual Privilege Tax
New Mexico imposes a $50 annual corporate franchise tax on every corporation doing business in or having property in the state, in addition to corporate income tax.
Gross Receipts Tax
New Mexico imposes the Gross Receipts Tax (GRT) on most business activity at a base state rate of 4.875% (2025) plus local rates totaling typically 5.125% to 9.0625%. GRT functions like a sales tax but is imposed on the seller and applies to services as well as goods.
S-Corp & Pass-Through Treatment
New Mexico recognizes federal S-corp election. Pass-through entities may elect to pay tax at the entity level under NM's PTE election (HB 102, 2022) at the highest individual rate (5.9%).
Official State Revenue Department
For current corporate tax rules in New Mexico, consult the state's official source at https://www.tax.newmexico.gov/businesses/corporate-income-and-franchise-tax/. Rates and rules change annually — verify with a qualified tax professional before taking any action.
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Moving to New Mexico from elsewhere · Corporate Tax
Corporate income tax rates change frequently as states enact reform packages and phase-down schedules. Always verify current rates with the state's department of revenue and your tax advisor before making business decisions. This information is for educational purposes only and is not tax or legal advice.