{"data":{"id":"us-nm/7-2-7","jurisdiction":"us-nm","citation":"7-2-7","heading":"Individual income tax rates.","body":"The tax imposed by Section 7-2-3 NMSA 1978 shall be at the following rates for any taxable year beginning on or after January 1, 2025:\nA. For married individuals filing joint returns, heads of household and surviving spouses:\nFor taxable income:\tThe tax shall be:\nNot over $8,000\t1.5% of taxable income\nOver $8,000 but not over $25,000\t$120 plus 3.2% of excess over $8,000\nOver $25,000 but not over $50,000\t$664 plus 4.3% of excess over $25,000\nOver $50,000 but not over $100,000\t$1,739 plus 4.7% of excess over $50,000\nOver $100,000 but not over $315,000\t$4,089 plus 4.9% of excess over $100,000\nOver $315,000\t$14,624 plus 5.9% of excess over $315,000.\nB. For single individuals and for estates and trusts:\nFor taxable income:\tThe tax shall be:\nNot over $5,500\t1.5% of taxable income\nOver $5,500 but not over $16,500\t$82.50 plus 3.2% of excess over $5,500\nOver $16,500 but not over $33,500\t$434.50 plus 4.3% of excess over $16,500\nOver $33,500 but not over $66,500\t$1,165.50 plus 4.7% of excess over $33,500\nOver $66,500 but not over $210,000\t$2,716.50 plus 4.9% of excess over $66,500\nOver $210,000\t$9,748 plus 5.9% of excess over $210,000.\nC. For married individuals filing separate returns:\nFor taxable income:\tThe tax shall be:\nNot over $4,000\t1.5% of taxable income\nOver $4,000 but not over $12,500\t$60.00 plus 3.2% of excess over $4,000\nOver $12,500 but not over $25,000\t$332 plus 4.3% of excess over $12,500\nOver $25,000 but not over $50,000\t$869.50 plus 4.7% of excess over $25,000\nOver $50,000 but not over $157,500\t$2,044.50 plus 4.9% of excess over $50,000\nOver $157,500\t$7,312 plus 5.9% of excess over $157,500.\nD. 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:\n(1) the amount of tax due on the taxpayer's taxable income; and\n(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.","path":["Chapter 7 - Taxation","ARTICLE 2 Income Tax General Provisions"],"source_url":"https://nmonesource.com/nmos/nmsa-unanno/en/item/18507/index.do","current_through":"2026-07-01","vintage":"","retrieved_at":"2026-09-03T15:02:19Z","sha256":"46cbf498ddf187057a3a607fd9c5249ec6c7cc20d8838804d9203e4ebf9319be","source_id":"us-nm","stale":false,"prev":"us-nm/7-2-6","next":"us-nm/7-2-7.1"},"notice":"GroundRules: Original legal text. Not legal advice."}