Taxes on Business Income in New Mexico

April 13, 2006

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As in every other state, the state of New Mexico has various types of taxes. All of these tax types are full of exceptions and extremely specific requirements. Below we have gone through the major tax types that affect small businesses. Our intent is to give you a general understanding of when the various taxes will apply to you and what they will mean to your business.

Franchise tax is required from most corporations doing business in New Mexico.
Income tax on business income computed based upon corporate taxable net income is required in New Mexico.
Personal income tax, based on a person's income, ranges from 1.7 percent to 6 percent of taxable income in New Mexico.