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Below is a snapshot of key features of New Mexico's tax system. (Scroll Down)
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State & Local Revenue (FY08)
- General Revenue, Own-Source (GROS): $12.7 billion
- General Revenue as a Share of Income: 19.6%
- Tax Revenue: $7.7 billion
- Tax Revenue as Share of income: 12%
- Personal Income Tax (Share of Tax Revenue): 15.7% (40 out of 51)
- Corporate Income Tax (Share of Tax Revenue): 4.6% (16 out of 51)
- Sales & Excise Tax (Share of Tax Revenue): 46.2% (13 out of 51)
- Property Tax (Share of Tax Revenue): 14.5% (50 out of 51)
- Other Taxes (Share of Tax Revenue): 1.4% (37 out of 51)
Personal Income Tax Features (2011)
- Range of Tax Rates: 1.7% - 4.9%
- Standard Deduction: $5,800 ($11,600 for Married Couples)
- Personal Exemption: $3,700
- Dependent Exemption: $3,700
- Earned Income Tax Credit (EITC): 10% Refundable
- Notable capital gains preference
- Personal exemption phases out for high income levels
Corporate Income Tax Features (2011)
- Range of Tax Rates: 4.80% - 7.60%
- Income Level at Which Top Rate Applies: $1,000,000
- Combined Reporting: No
- Apportionment Factor (Payroll): 33%
- Apportionment Factor (Property): 33%
- Apportionment Factor (Sales): 33%
Sales Tax Features (2011)
- State Sales Tax Rate: 5.125%
- Average Local Sales Tax Rate: 1.45%
- Average Combined State & Local Sales Tax Rate: 6.575%
- State Sales Tax Treatment of Groceries: Exempt
- Local Sales Tax Treatment of Groceries: Exempt
- Number of Services Taxed: 74 out of 168 surveyed
- Streamlined Sales Tax Membership: No
- Sales tax holiday offered in 2011
- Sales tax is actually a Gross Receipts Tax (GRT)
Property Tax Features (2011)
- Provides a small homestead exemption.
- Cap on local taxing districts' property tax revenue.
Other Tax & Revenue Features (2011)
- Gasoline Tax Rate (per gallon): $0.188
- Diesel Tax Rate (per gallon): $0.228
- Cigarette Tax Rate (per pack): $1.66
- Estate or Inheritance Tax: No
- Net Lottery Sales Per Capita: $74
Tax Policy Oversight
- Tax Expenditure Report: One-time release only
- Tax Incidence Analysis Capability: Personal income tax only
Last Updated August 25, 2011
Sources & Glossary
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