N.M. Stat. § 7-2-7
This is the official text of N.M. Stat. § 7-2-7, part of New Mexico’s Stat — part of the compiled statutory law of New Mexico, published by the state as "Stat." Browse the sections below, each linked to its official government source.
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§ 7-2-7. Individual income tax rates
Official statutory text
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, 2021:
A. For married individuals filing separate returns:
If the taxable income is:
The tax shall be:
Not over $4,000
1.7% of taxable income
Over $4,000 but not over $8,000
$68.00 plus 3.2% of excess over $4,000
Over $8,000 but not over $12,000
$196 plus 4.7% of excess over $8,000
Over $12,000 but not over $157,500
$384 plus 4.9% of excess over $12,000
Over $157,500
$7,513.50 plus 5.9% of excess over $157,500.
B. For heads of household, surviving spouses and married individuals filing joint returns:
If the taxable income is:
The tax shall be:
Not over $8,000
1.7% of taxable income
Over $8,000 but not over
$16,000 $136 plus 3.2% of excess over $8,000
Over $16,000 but not over
$24,000 $392 plus 4.7% of excess over $16,000
Over $24,000 but not over
$315,000 $768 plus 4.9% of excess over $24,000
Over $315,000
$15,027 plus 5.9% of excess over $315,000.
C. For single individuals and for estates and trusts:
If the taxable income is:
The tax shall be:
Not over $5,500
1.7% of taxable income
Over $5,500 but not over $11,000
$93.50 plus 3.2% of excess over $5,500
Over $11,000 but not over $16,000
$269.50 plus 4.7% of excess over $11,000
Over $16,000 but not over $210,000
$504.50 plus 4.9% of excess over $16,000
Over $210,000
$10,010.50 plus 5.9% of excess over $210,000.
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.
A. For married individuals filing separate returns:
If the taxable income is:
The tax shall be:
Not over $4,000
1.7% of taxable income
Over $4,000 but not over $8,000
$68.00 plus 3.2% of excess over $4,000
Over $8,000 but not over $12,000
$196 plus 4.7% of excess over $8,000
Over $12,000 but not over $157,500
$384 plus 4.9% of excess over $12,000
Over $157,500
$7,513.50 plus 5.9% of excess over $157,500.
B. For heads of household, surviving spouses and married individuals filing joint returns:
If the taxable income is:
The tax shall be:
Not over $8,000
1.7% of taxable income
Over $8,000 but not over
$16,000 $136 plus 3.2% of excess over $8,000
Over $16,000 but not over
$24,000 $392 plus 4.7% of excess over $16,000
Over $24,000 but not over
$315,000 $768 plus 4.9% of excess over $24,000
Over $315,000
$15,027 plus 5.9% of excess over $315,000.
C. For single individuals and for estates and trusts:
If the taxable income is:
The tax shall be:
Not over $5,500
1.7% of taxable income
Over $5,500 but not over $11,000
$93.50 plus 3.2% of excess over $5,500
Over $11,000 but not over $16,000
$269.50 plus 4.7% of excess over $11,000
Over $16,000 but not over $210,000
$504.50 plus 4.9% of excess over $16,000
Over $210,000
$10,010.50 plus 5.9% of excess over $210,000.
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.
Status: in_force
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