358:
entirely derived from these same sources. A 2009 analysis found that New Mexico was receiving less revenue from the combination of its oil and gas taxes and royalties for oil and gas from public lands than most other U.S. states with substantial production of hydrocarbon fuels. This discrepancy was explained by the caps that state law placed on the maximum prices of oil and natural gas that could be subject to taxation. The maximum tax for oil was based on a price of $ 18 per barrel, but the market price rose to $ 112 per barrel as of May 2011. The maximum tax for natural gas was based on a price of $ 1.35 per 1000 cubic feet, but the market price for that volume of gas in May 2011 was $ 4.35. Other states were receiving much more tax and royalty revenue as a result of these high prices. Legislation enacted in 2010 established a rate of 0.24% (an increase from 0.19%) for the oil and gas conservation tax rate on oil if the average price of
254:
332:
is applied to the taxable value, resulting in an effective tax rate of about 1%. In the 2005 tax year the average millage was about 26.47 for residential property and 29.80 for non-residential property. Assessed values of residences cannot be increased by more than 3% per year unless the residence is
97:
New Mexico residents are subject to the state's personal income tax. Additionally, the personal income tax applies to nonresidents who work in the state or derive income from property there. Regular military salaries of New Mexico residents serving in the U.S. military are subject to the income tax,
240:
state, married centenarians filing jointly or separately may exempt half of all community income and all of their separate income. Those reporting an exemption for more or less than 50% of total joint income are required to attach a statement to their returns showing a correct division of community
235:
since tax year 2002, provided that they turn 100 (or older) at the end of the tax year they claim for exemption and they're not claimed as a dependent by another New Mexico taxpayer. Unmarried centenarians are not required to file a return unless they want to claim rebates and credits available for
399:
The second tax, the processors tax, applies to the processing of natural resources. It also is based on the taxable value of the natural resource. Timber processing is taxed at 0.375% of taxable value; processing of potash and molybdenum is taxed at 0.125%; and processing of all other resources is
357:
on oil and natural gas production together accounted for more than 25% of the revenue to the state's general fund. The balance in New Mexico's
Severance Tax and Land Grant Permanent Funds, the earnings from which are dedicated to funding of schools and some state government operations, was almost
244:
Corporations that generate income from activities or sources in New Mexico and that are required to file federal income tax returns as corporations must pay corporate income tax to the state. Corporate income is taxed at the rate of 4.8% for the first $ 500,000, 6.4% for the next $ 500,000 (up to
276:
At the state level, gross receipts on most types of transactions are taxed at a rate of 5.125%. Local jurisdictions also levy gross receipt taxes at rates that vary around the state. The lowest combined state and local GRT rate, as of 2012–13, is 5.5% in unincorporated
273:, but unlike most states' sales taxes it applies to services, as well as tangible goods. Normally, the provider or seller passes the tax on to the purchaser, but legal incidence and burden apply to the business, as an excise tax.
626:
663:
739:
609:
403:
When extraction or processing is conducted by someone other than the owner of the resource, the same tax rates apply, but the tax is designated a "service tax" under the
Resources Excise Tax Act.
89:
it does have a statewide "gross receipts tax", which is commonly passed on to the consumer by businesses just like a normal sales tax. Its state income tax ranges from 1.7% to a maximum of 4.9%.
328:
is not subject to property taxation, but property tax is levied on most business-use personal property. The taxable value of property is one-third of the assessed value. A tax rate of about 30
292:
The gross receipts of state and local governments other than school districts are taxed by the state at a rate of 5%. Governmental receipts typically subject to this tax include revenues from:
667:
839:
713:
1003:
861:
449:
50:, gross receipts taxes in local jurisdictions, state and local property taxes, and several taxes related to production and processing of oil, gas, and other
919:
31:
1033:
555:
388:
that applies to the extraction of natural resources. The amount of the tax is based on the taxable value of the severed resource. The tax on
381:, timber products, and minerals, except for oil, natural gas, liquid hydrocarbons, helium, carbon dioxide, and other non-hydrocarbon gases.
105:
rates for New Mexico range from 1.7% to 4.9%, within four income brackets. The individual income tax rates are listed in the table below.
66:
699:
70:
1081:
764:
539:
305:
sale of tangible personal property, other than water, from facilities open to the general public revenues sale of personal property
1076:
887:
78:
814:
1086:
529:
23:
717:
985:
865:
923:
615:. New Mexico Taxation and Revenue Department Tax Information/Policy Office, FYI-311. September 2012. p. 4.
650:
796:
359:
278:
1037:
559:
333:
remodeled or sold. Property tax deductions are available for military veterans and heads of household.
937:
478:
582:"Governor Richardson Announces New Laws to Take Effect; New State laws go into effect June 15, 2007"
423:
266:
237:
47:
581:
503:
353:
Oil and gas production is a significant source of revenue for the state. As of 2000, taxes and
535:
325:
35:
374:
51:
43:
329:
282:
98:
but since 2007, active-duty military salaries have been exempt from the state income tax.
74:
771:
373:
The state's
Resources Excise Tax Act of 1978 established taxes on in-state production of
597:
HB 436 Working
Families Tax Credit...eliminates taxes on active duty military salaries.
893:. State of New Mexico, Taxation and Revenue Department. August 7, 2007. Archived from
770:. State of New Mexico, Taxation and Revenue Department. August 6, 2006. Archived from
687:
1070:
396:
extraction is taxed at 0.125%; and all other extracted resources are taxed at 0.75%.
385:
321:
82:
894:
317:
232:
1004:"Oil and Gas Conservation Tax Rate on Oil - Rate Increase Effective June 1, 2010"
632:. State of New Mexico Taxation and Revenue Department. August 25, 2008. p. 3
347:
286:
962:
393:
102:
27:
815:"Gross Receipts Tax Schedule Effective January 1, 2013 through June 30, 2013"
57:
New Mexico is among the "tax-friendly" states of the U.S., offering numerous
700:"FreeTaxUSA® - do I qualify to deduct income if I'm 100 years old or older?"
362:
354:
270:
262:
86:
62:
58:
587:(Press release). Office of the Governor, State of New Mexico. June 14, 2008
245:
total income of $ 1 million), and 7.6% for income above the first million.
346:
Five New Mexico taxes are specifically applicable to producers of oil and
253:
651:
Section 7-2-7. Individual income tax rates. (Effective
January 1, 2008.)
308:
fees charged for parking or docking of vehicles, airplanes, and boats.
389:
378:
119:
Heads of household, widow(er)s, and married persons filing jointly
252:
664:"Frequently Asked Questions - NM Taxation and Revenue Department"
324:
by the state, by counties, and by school districts. Personal-use
1061:
840:"All NM Taxes Effective July 1, 2015 through December 31, 2015"
610:"Military Extensions for New Mexico Personal Income Tax Filers"
39:
30:. All taxes are administered on state- and city-levels by the
1013:. New Mexico Taxation and Revenue Department. September 2012.
1036:. New Mexico Taxation and Revenue Department. Archived from
864:. New Mexico Taxation and Revenue Department. Archived from
716:. New Mexico Taxation and Revenue Department. Archived from
653:
New Mexico
Compilation Commission. Retrieved March 03, 2013.
558:. New Mexico Taxation and Revenue Department. Archived from
289:, the state's largest city, has a combined rate of 7.7875%.
450:"New Mexico touted as tax-friendly state in latest ranking"
406:
Revenue from these taxes goes to the state's general fund.
531:
Federal and State
Taxation of Limited Liability Companies
504:"New Mexico Retirement Tax Friendliness | SmartAsset.com"
365:
was more than $ 70 per barrel in the previous quarter.
965:. New Mexico Bureau of Geology & Mineral Resources
842:. State of New Mexico, Taxation and Revenue Department
820:. State of New Mexico, Taxation and Revenue Department
269:(GRT) on many business transactions. This resembles a
231:
Uniquely, New Mexico has an income tax exemption for
16:
Overview of taxation in the U.S. state of New Mexico
688:
https://tap.state.nm.us/WebFiles/2015PIT/adj-02.pdf
107:
1028:
1026:
1024:
1022:
1020:
241:property along with separate income and payments.
992:. Former N.M. Secretary of Taxation and Revenue.
8:
943:. New Mexico Taxation and Revenue Department
745:. New Mexico Taxation and Revenue Department
963:"Importance of Oil & Gas in New Mexico"
424:"Top 10 US Tax Haven States | SBC Magazine"
281:. The highest combined rate is 8.6875%, in
1062:New Mexico Taxation and Revenue Department
392:extraction is 0.5% of the resource value;
257:GRT rates by county (not including cities)
185:$ 504.50 plus 4.9% of excess over $ 16,000
177:$ 269.50 plus 4.7% of excess over $ 11,000
32:New Mexico Taxation and Revenue Department
85:. While New Mexico does not have a state
169:$ 93.50 plus 3.2% of excess over $ 5,500
448:English, Michael (September 18, 2015).
414:
296:trash collection and disposal services,
222:$ 384 plus 4.9% of excess over $ 12,000
148:$ 768 plus 4.9% of excess over $ 24,000
140:$ 392 plus 4.7% of excess over $ 16,000
236:low-income filers. As New Mexico is a
214:$ 196 plus 4.7% of excess over $ 8,000
132:$ 136 plus 3.2% of excess over $ 8,000
206:$ 68 plus 3.2% of excess over $ 4,000
7:
714:"Corporate Income and Franchise Tax"
472:
470:
193:Married persons filing separately
14:
862:"Governmental Gross Receipts Tax"
261:New Mexico does not have a state
265:. However, the state imposes a
986:"N.M. Shorted on Oil, Gas Tax"
920:"Oil and Gas Production Taxes"
156:Singles and estates or trusts
1:
984:Rick Homans (May 16, 2011).
740:"Corporate Income Tax Rates"
627:"Personal Income Tax Rates"
1103:
938:"Oil and Gas Tax Programs"
797:"N.M. 16th In Sales Taxes"
765:"Gross Receipts Taxes FAQ"
528:Cartano, David J. (2008).
180:$ 11,001 – $ 16,000
143:$ 16,001 – $ 24,000
479:"State taxes: New Mexico"
422:Sohm, Joe (May 4, 2012).
342:Oil and natural gas taxes
217:$ 8,001 – $ 12,000
192:
172:$ 5,501 – $ 11,000
155:
135:$ 8,001 – $ 16,000
118:
1082:Government of New Mexico
209:$ 4,001 – $ 8,000
384:The resources tax is a
360:West Texas Intermediate
337:Natural resources taxes
1077:Taxation in New Mexico
1034:"Resources Excise Tax"
258:
20:Taxation in New Mexico
1087:Economy of New Mexico
556:"Personal Income Tax"
256:
803:. February 14, 2012.
562:on February 22, 2013
534:. CCH. p. 695.
369:Resources Excise Tax
26:of the U.S state of
1011:New Mexico Bulletin
990:Albuquerque Journal
801:Albuquerque Journal
454:www.bizjournals.com
73:. It does not have
59:economic incentives
888:"Property Tax FAQ"
868:on January 3, 2013
267:gross receipts tax
259:
249:Gross receipts tax
238:community property
48:gross receipts tax
1040:on March 13, 2013
900:on March 31, 2007
777:on March 31, 2007
375:natural resources
326:personal property
229:
228:
225:$ 12,001 or more
188:$ 16,001 or more
151:$ 24,001 or more
52:natural resources
24:taxation programs
1094:
1050:
1049:
1047:
1045:
1030:
1015:
1014:
1008:
1000:
994:
993:
981:
975:
974:
972:
970:
959:
953:
952:
950:
948:
942:
934:
928:
927:
922:. Archived from
916:
910:
909:
907:
905:
899:
892:
884:
878:
877:
875:
873:
858:
852:
851:
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836:
830:
829:
827:
825:
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811:
805:
804:
793:
787:
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761:
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744:
736:
730:
729:
727:
725:
710:
704:
703:
696:
690:
685:
679:
678:
676:
675:
666:. Archived from
660:
654:
648:
642:
641:
639:
637:
631:
623:
617:
616:
614:
606:
600:
599:
594:
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578:
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571:
569:
567:
552:
546:
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519:
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516:
514:
500:
494:
493:
491:
489:
474:
465:
464:
462:
460:
445:
439:
438:
436:
434:
419:
400:taxed at 0.75%.
201:$ 4,000 or less
164:$ 5,500 or less
127:$ 8,000 or less
108:
71:corporate income
44:state income tax
38:. The principal
1102:
1101:
1097:
1096:
1095:
1093:
1092:
1091:
1067:
1066:
1058:
1053:
1043:
1041:
1032:
1031:
1018:
1006:
1002:
1001:
997:
983:
982:
978:
968:
966:
961:
960:
956:
946:
944:
940:
936:
935:
931:
918:
917:
913:
903:
901:
897:
890:
886:
885:
881:
871:
869:
860:
859:
855:
845:
843:
838:
837:
833:
823:
821:
817:
813:
812:
808:
795:
794:
790:
780:
778:
774:
767:
763:
762:
758:
748:
746:
742:
738:
737:
733:
723:
721:
720:on May 11, 2013
712:
711:
707:
698:
697:
693:
686:
682:
673:
671:
662:
661:
657:
649:
645:
635:
633:
629:
625:
624:
620:
612:
608:
607:
603:
590:
588:
584:
580:
579:
575:
565:
563:
554:
553:
549:
542:
527:
526:
522:
512:
510:
502:
501:
497:
487:
485:
476:
475:
468:
458:
456:
447:
446:
442:
432:
430:
428:www.sbcmag.info
421:
420:
416:
412:
371:
344:
339:
315:
283:Taos Ski Valley
251:
95:
83:franchise taxes
75:inheritance tax
42:levied include
17:
12:
11:
5:
1100:
1098:
1090:
1089:
1084:
1079:
1069:
1068:
1065:
1064:
1057:
1056:External links
1054:
1052:
1051:
1016:
995:
976:
954:
929:
926:on 2013-12-27.
911:
879:
853:
831:
806:
788:
756:
731:
705:
691:
680:
655:
643:
618:
601:
573:
547:
540:
520:
495:
466:
440:
413:
411:
408:
370:
367:
343:
340:
338:
335:
320:is imposed on
314:
311:
310:
309:
306:
303:
300:
299:sewer service,
297:
250:
247:
227:
226:
223:
219:
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207:
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199:
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158:
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149:
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141:
137:
136:
133:
129:
128:
125:
121:
120:
116:
115:
112:
94:
91:
22:comprises the
15:
13:
10:
9:
6:
4:
3:
2:
1099:
1088:
1085:
1083:
1080:
1078:
1075:
1074:
1072:
1063:
1060:
1059:
1055:
1039:
1035:
1029:
1027:
1025:
1023:
1021:
1017:
1012:
1005:
999:
996:
991:
987:
980:
977:
964:
958:
955:
939:
933:
930:
925:
921:
915:
912:
896:
889:
883:
880:
867:
863:
857:
854:
841:
835:
832:
816:
810:
807:
802:
798:
792:
789:
773:
766:
760:
757:
741:
735:
732:
719:
715:
709:
706:
701:
695:
692:
689:
684:
681:
670:on 2020-07-02
669:
665:
659:
656:
652:
647:
644:
628:
622:
619:
611:
605:
602:
598:
583:
577:
574:
561:
557:
551:
548:
543:
541:9780808019138
537:
533:
532:
524:
521:
509:
505:
499:
496:
484:
480:
473:
471:
467:
455:
451:
444:
441:
429:
425:
418:
415:
409:
407:
404:
401:
397:
395:
391:
387:
386:severance tax
382:
380:
376:
368:
366:
364:
361:
356:
351:
349:
341:
336:
334:
331:
327:
323:
322:real property
319:
312:
307:
304:
302:sale of water
301:
298:
295:
294:
293:
290:
288:
284:
280:
274:
272:
268:
264:
255:
248:
246:
242:
239:
234:
224:
221:
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216:
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208:
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176:
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171:
168:
167:
163:
160:
159:
154:
150:
147:
146:
142:
139:
138:
134:
131:
130:
126:
123:
122:
117:
113:
110:
109:
106:
104:
99:
92:
90:
88:
84:
80:
76:
72:
68:
64:
60:
55:
53:
49:
45:
41:
37:
33:
29:
25:
21:
1042:. Retrieved
1038:the original
1010:
998:
989:
979:
967:. Retrieved
957:
945:. Retrieved
932:
924:the original
914:
902:. Retrieved
895:the original
882:
870:. Retrieved
866:the original
856:
844:. Retrieved
834:
822:. Retrieved
809:
800:
791:
779:. Retrieved
772:the original
759:
747:. Retrieved
734:
722:. Retrieved
718:the original
708:
694:
683:
672:. Retrieved
668:the original
658:
646:
636:September 4,
634:. Retrieved
621:
604:
596:
591:September 5,
589:. Retrieved
576:
564:. Retrieved
560:the original
550:
530:
523:
511:. Retrieved
507:
498:
486:. Retrieved
482:
457:. Retrieved
453:
443:
431:. Retrieved
427:
417:
405:
402:
398:
383:
377:, including
372:
352:
345:
318:Property tax
316:
313:Property tax
291:
275:
260:
243:
233:centenarians
230:
100:
96:
56:
19:
18:
477:Bell, Kay.
348:natural gas
287:Albuquerque
1071:Categories
904:October 9,
781:October 9,
674:2020-07-02
508:SmartAsset
410:References
394:molybdenum
279:Lea County
103:income tax
93:Income tax
79:estate tax
63:tax breaks
46:, a state
34:, a state
28:New Mexico
513:April 21,
488:April 21,
459:April 21,
433:April 21,
363:crude oil
355:royalties
271:sales tax
263:sales tax
101:Personal
87:sales tax
1044:March 4,
969:March 5,
947:March 5,
872:March 4,
846:July 15,
824:March 4,
749:March 4,
724:March 5,
566:March 4,
483:Bankrate
67:personal
114:Income
538:
390:potash
379:timber
36:agency
1007:(PDF)
941:(PDF)
898:(PDF)
891:(PDF)
818:(PDF)
775:(PDF)
768:(PDF)
743:(PDF)
630:(PDF)
613:(PDF)
585:(PDF)
330:mills
40:taxes
1046:2013
971:2013
949:2013
906:2008
874:2013
848:2015
826:2013
783:2008
751:2013
726:2013
638:2008
593:2008
568:2013
536:ISBN
515:2018
490:2018
461:2018
435:2018
198:1.7%
161:1.7%
124:1.7%
111:Rate
69:and
61:and
81:or
65:on
1073::
1019:^
1009:.
988:.
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506:.
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469:^
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426:.
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285:.
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876:.
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785:.
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728:.
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640:.
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463:.
437:.
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
