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Does new mexico have state income tax?

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New Mexico does not have a state sales tax. However, the state imposes a gross receipts tax (GRT) on many business transactions. This resembles a sales tax, but unlike most states' sales taxes it applies to services, as well as tangible goods. read more

The New Mexico income tax has four tax brackets, with a maximum marginal income tax of 4.90% as of 2018. Detailed New Mexico state income tax rates and brackets are available on this page. read more

Technically, New Mexico does not have sales taxes. The state has a gross receipts tax, which is charged to the business and often passed on, in part or in full, to the consumer. When comparing this gross receipts tax to the sales taxes in other states, New Mexico’s gross receipts tax is slightly higher than average. read more

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