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Aug. 21—After years of explosive revenue growth fueled by a booming oil industry, the state of New Mexico is expecting a slowdown in collections in the upcoming fiscal year. But it won't go without.
Personal income tax rates for New Mexico range from 1.7% to 4.9%, within four income brackets. [ 9] The individual income tax rates are listed in the table below. [ 10] Rate. Income. Heads of household, widow (er)s, and married persons filing jointly. 1.7%. $8,000 or less. $136 plus 3.2% of excess over $8,000.
The New Mexico Taxation and Revenue Department is the state agency responsible for collecting and distributing governmental revenue in New Mexico and administering the state's motor vehicle code. The Taxation and Revenue Department collects taxes within the state and also distributes revenue to support schools and state and local government ...
The U.S. state of New Mexico first required its residents to register their motor vehicles and display license plates in 1912. As of 2024, plates are issued by the New Mexico Taxation and Revenue Department through its Motor Vehicle Division. Only rear plates have been required since 1961.
July 26, 2024 at 8:38 AM. Tax free weekend in New Mexico begins at 12:01 a.m. on Friday, Aug. 2 and runs through Saturday, Aug. 4 at midnight. The gross receipt tax exception applies to eligible ...
Eligible residents have until May 31, 2024, to file the 2021 personal income tax return if they have not already done so, according to the New Mexico Department of Taxation & Revenue.
In 2005 the federal government spent $2.03 on New Mexico for every dollar of tax revenue collected from the state. This rate of return is higher than any other state in the United States. [21] The federal government is also a major employer in New Mexico providing more than a quarter of the state's jobs.
Since 2020, EMNRD reported 12,000 New Mexico homeowners received solar tax credits, saving about $1,624 per year on energy costs. The projects added a total of 97 megawatts to the state’s power ...
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