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New Mexico Basic Business Taxes 2014

Q1 2014
Corporate Income Tax:
4.8 percent on the first $500,000 of net income; $24,000 plus 6.4 percent of income over $500,000 for income between $500,000 and $1 million; $56,000 plus 7.6 percent of income over $1 million

Sales Tax (Gross Receipts Tax):
The gross receipts tax rate varies throughout the state from 5.125 percent to 8.6875 percent depending on the location of the business. Services that are exported from the state are not subject to New Mexico gross receipts tax. These services must be produced by a business with a New Mexico office, sold to an out-of-state buyer, and delivered and initially used out-ofstate.

Property Tax:
Real and tangible property is assessed at 33.3 percent of value, but many counties and municipalities offer abatements for new business locations and expansions. Personal Income Tax: New Mexico uses a four-bracket, graduated-rate table ranging from 1.7 percent to 4.9 percent of taxable income.
There is no state inventory tax

Contact:
New Mexico Partnership
1720 Louisiana Blvd NE, Suite 312
Albuquerque, NM 87110
(505) 247-8500


Incentive and tax information is provided to Area Development by each state's economic development or commerce agency for information purposes only and is subject to revision at any time by the state government. Please contact the state agency directly for full requirements and offerings.
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