Annual income tax would decrease by $16, or 12%, to $136 for a couple with taxable income of $8,000, the agency said. A wealthier couple with an annual taxable income of $400,000 would save about ...

New Mexico state tax: Overview. New Mexico’s income tax tops out at 5.9 percent, but there’s a unique perk for those who hit a major milestone. ... New Mexico has a 4.88% sales tax rate.

Nine states — Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming — do not have an income tax. One caveat to note: Washington has a tax rate of 7% to ...

Nebraska's income tax rate was cut to 5.2%, down from 5.84% last year. New Mexico will retain its graduated income tax rate, with two of its six income brackets seeing a decrease in 2025.

Note: Connecticut and New York practice tax-benefit recapture, where some high earners pay the top tax rate on all of their eligible income. Factors affecting state income tax rates. How much you ...

New Mexico ranks around the middle of the pack in terms of income tax, with a max marginal individual income tax rate set at 5.9%, according to an analysis by the Tax Foundation.

SANTA FE, N.M. (AP) — Efforts by New Mexico to save and invest portions of a financial windfall from local oil production are paying off as state government income on investments surpasses ...

SANTA FE, N.M. (AP) — Efforts by New Mexico to save and invest portions of a financial windfall from local oil production are paying off as state government income on investments surpasses ...

General fund income from the state’s two, multibillion-dollar permanent funds and interest on treasury accounts is expected to climb to $2.1 billion for the fiscal year between July 2024 and ...