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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 (FY10)
- General Revenue, Own-Source (GROS): $11.0 billion
- General Revenue as a Share of Income: 16.5%
- Tax Revenue: $6.5 billion
- Tax Revenue as Share of income: 9.8%
- Personal Income Tax (Share of Tax Revenue): 14.6% (39 out of 51)
- Corporate Income Tax (Share of Tax Revenue): 1.9 % ( 39 out of 51)
- Sales & Excise Tax (Share of Tax Revenue): 49.8 % ( 7 out of 51)
- Property Tax (Share of Tax Revenue): 19.8 % ( 47 out of 51)
- Other Taxes (Share of Tax Revenue): 11.8 % (8 out of 51)
Personal Income Tax Features (2012)
- Range of Tax Rates: 1.7% - 4.9%
- Standard Deduction: $5,950 ($11,900 for Married Couples)
- Personal Exemption: $3,800
- Dependent Exemption: $3,800
- Earned Income Tax Credit (EITC): 10% Refundable
- Notable capital gains preference
- Personal exemption phases out for high income levels
Corporate Income Tax Features (2012)
- 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 (2012)
- State Sales Tax Rate: 5.125%
- Average Local Sales Tax Rate: 1.475%
- Average Combined State & Local Sales Tax Rate: 6.6%
- 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 2012
- Sales tax is actually a Gross Receipts Tax (GRT)
Property Tax Features (2012)
- Provides a small homestead exemption.
- Cap on local taxing districts' property tax revenue.
Other Tax & Revenue Features (2012)
- Gasoline Tax Rate (per gallon): $0.189
- Diesel Tax Rate (per gallon): $0.228
- Cigarette Tax Rate (per pack): $1.66
- Estate or Inheritance Tax: No
- Net Lottery Sales Per Capita: $67
Tax Policy Oversight
- Tax Expenditure Report: Yes
- Tax Incidence Analysis Capability: Personal income tax only
Last Updated October 4, 2012
Sources & Glossary
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