The corporate income tax imposed on corporations by Section 7-2A-3 NMSA 1978 shall be five and nine-tenths percent of taxable income. 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; 2024, ch. 67, § 10. ANNOTATIONSThe 2024 amendment, effective January 1, 2025, created a flat corporate income tax rate, replacing the two-tiered marginal rate structure of 4.8 percent for taxable income under five hundred thousand dollars and 5.9 percent for taxable income of five hundred thousand dollars or more; after 'shall be', deleted the remainder of the section and added 'five and nine-tenths percent of taxable income'.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.
New Mexico Legal Code