New Mexico Statutes
Article 2A - Corporate Income and Franchise Tax
Section 7-2A-5 - Corporate income tax rates.

The corporate income tax imposed on corporations by Section 7-2A-3 NMSA 1978 shall be:
If the taxable income is:
The tax shall be:
Not over $500,000
4.8% of taxable income
Over $500,000
$24,000 plus 5.9% of excess over
$500,000.
History: 1978 Comp., § 7-2A-5, enacted by Laws 1981, ch. 37, § 38; 1981, ch. 176, § 1; 1983, ch. 213, § 8; 1986, ch. 20, § 36; 1987, ch. 277, § 5; 2013, ch. 160, § 3; 2019, ch. 270, § 18.
The 2019 amendment, effective January 1, 2020, revised corporate income tax rates and corporate income tax brackets; in the introductory clause, after "shall be:", deleted "at the rates specified in the following tables:"; deleted former Subsections A through E, subsection designation "F." and the language "for taxable years beginning on or after January 1, 2018"; and preceding each occurrence of "income", deleted "net" and added "taxable".
Applicability. — Laws 2019, ch. 270, § 59 provided that the provisions of Sections 16 through 22 and 58 of Laws 2019, ch. 270 apply to taxable years beginning on or after January 1, 2020.
The 2013 amendment, effective January 1, 2014, decreased certain corporate income tax rates over five years; in Subsection A, added the introductory sentence; and added Subsections B through F.
Use of federal tax code and regulations. — New Mexico income taxation law does not adopt directly the Internal Revenue Code and Treasury Regulations, but does permit New Mexico taxpayers to enjoy the benefits of their election to use accelerated depreciation methodologies in calculating federal taxable income. In re Rates and Charges of Mountain States Tel. & Tel. Co. v. N.M. State Corp. Comm'n, 1986-NMSC-019, 104 N.M. 36, 715 P.2d 1332.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 71 Am. Jur. 2d State and Local Taxation § 469.
85 C.J.S. Taxation § 1698.

Structure New Mexico Statutes