§ 7-2-7-d-1

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:A. For married individuals filing joint returns, heads of household and surviving spouses: For taxable income: The tax shall be: Not over $8,000 1.5% of taxable income Over $8,000 but not over $25,000 $120 plus 3.2% of excess over $8,000 Over $25,000 but not over $50,000 $664 plus 4.3% of excess over $25,000 Over $50,000 but not over $100,000 $1,739 plus 4.7% of excess over $50,000 Over $100,000 but not over $315,000 $4,089 plus 4.9% of excess over $100,000 Over $315,000 $14,624 plus 5.9% of excess over $315,000. B. For single individuals and for estates and trusts: For taxable income: The tax shall be: Not over $5,500 1.5% of taxable income Over $5,500 but not over $16,500 $82.50 plus 3.2% of excess over $5,500 Over $16,500 but not over $33,500 $434.50 plus 4.3% of excess over $16,500 Over $33,500 but not over $66,500 $1,165.50 plus 4.7% of excess over $33,500 Over $66,500 but not over $210,000 $2,716.50 plus 4.9% of excess over $66,500 Over $210,000 $9,748 plus 5.9% of excess over $210,000. C.

ut not over $66,500 $1,165.50 plus 4.7% of excess over $33,500 Over $66,500 but not over $210,000 $2,716.50 plus 4.9% of excess over $66,500 Over $210,000 $9,748 plus 5.9% of excess over $210,000. C. For married individuals filing separate returns: For taxable income: The tax shall be: Not over $4,000 1.5% of taxable income Over $4,000 but not over $12,500 $60.00 plus 3.2% of excess over $4,000 Over $12,500 but not over $25,000 $332 plus 4.3% of excess over $12,500 Over $25,000 but not over $50,000 $869.50 plus 4.7% of excess over $25,000 Over $50,000 but not over $157,500 $2,044.50 plus 4.9% of excess over $50,000 Over $157,500 $7,312 plus 5.9% of excess over $157,500. D. 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:(1) the amount of tax due on the taxpayer's taxable income; and(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.History: Laws 2005, ch. 104, § 4; 2019, ch. 270, § 12; 2024, ch. 67, § 5.

an amount equal to the taxpayer's taxable income and twenty percent of the taxpayer's lump-sum amounts included in net income.History: Laws 2005, ch. 104, § 4; 2019, ch. 270, § 12; 2024, ch. 67, § 5. ANNOTATIONSThe 2024 amendment, effective January 1, 2025, restructured the personal income tax rates and income brackets to increase the number of brackets, adjust the rates, and change the income range within each bracket; and deleted former Subsections A through C and added new Subsections A through C.Applicability. — Laws 2024, ch. 67, § 42 provided that the provisions of Laws 2024, ch. 67, §§ 5, 8, 10 and 32 through 37 apply to taxable years beginning on or after January 1, 2025.