New Mexico Statutes 7-2-7 v2. Individual income tax rates. (Effective January 1, 2006 through December 31, 2007.)
The tax imposed by Section 7-2-3 N.M. Stat. Ann. shall be at the following rates for taxable years beginning in 2006 or 2007:
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 $ 384 plus 5.3% of excess over $ 12,000.
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 $ 768 plus 5.3% of excess over $ 24,000.
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 $ 504.50 plus 5.3% of excess over $ 16,000.
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.