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[1] [2] It does not have inheritance tax, estate tax or franchise taxes. While New Mexico does not have a state sales tax it does have a statewide "gross receipts tax", which is commonly passed on to the consumer by businesses just like a normal sales tax. [3] [4] [5] Its state income tax ranges from 1.7% to a maximum of 4.9%. [3]
Beginning in 2008, personal income tax rates for New Mexico range from 1.7% to 4.9%, within four income brackets. [42] Beginning in 2007, active-duty military salaries are exempt from the state income tax. [43] New Mexico imposes a gross receipts tax on businesses.
New York (all local taxes reported on state income tax form): New York City ... New Mexico, individual and corporate, from 1933; Iowa, individual and franchise, from ...
New Mexico state income tax rates range from 1.70 percent to 5.90 percent. For the 2022 tax year, most seniors in New Mexico will be exempt from Social Security taxes thanks to recent changes in ...
State income tax systems fall into three broad categories: fixed or flat income taxes, progressive income taxes, and no income taxes. ... New Mexico. 1.70% = $0-$5,500. 1.70% = $0-$8,000. 3.20% ...
New Mexico. Rhode Island. ... retirees at least 65 years old in Colorado can deduct all of their Social Security benefits from their state income tax, while those 55 to 64 can deduct up to $20,000 ...