Jurisdiction detail
New Mexico tax guide
A seeded subnational profile for New Mexico, built on the schema from the world-class expansion plan.
Country
United States
Tax year
2026
Authority
New Mexico Taxation and Revenue Department
Overview
New Mexico uses Gross Receipts Tax (GRT) on the seller's gross receipts rather than a sales tax on the buyer. Working family tax credit and EITC reduce burdens for lower-income filers.
Individual income tax
New Mexico's progressive personal income tax tops at 5.9 percent.
Type: progressive
Business tax
New Mexico corporate income tax at 5.9 percent.
Reference rate: 5.9%
Sales or indirect tax
Gross Receipts Tax (GRT) applies to gross receipts of business activity in New Mexico.
Base rate: 4.875%
Local rates add 0.125 to 4.625 percent; effective combined rates around 7 to 9 percent.
Deadlines and forms
April 15 for individuals; corporate returns follow federal due dates.
Official authority
Visit New Mexico Taxation and Revenue DepartmentPrimary sources
- NM Taxation and RevenueVerified 2026-05-20
Important disclaimer
This library is for general tax education only. Always verify filing obligations, due dates, and tax consequences against the cited primary source or with a qualified tax professional.