New Mexico Business Tax Calculator
Calculate corporate income tax, franchise tax, and gross receipts tax for businesses operating in New Mexico.
Why calculating business in New Mexico is different
New Mexico has a progressive income tax system.
State Income Tax
1.7% - 5.9%
Base Sales Tax
5.125%
State Min Wage
$12.00 / hr
Abbreviation
NM
New Mexico Business Interactive Tool
This calculator uses the latest 2026 data for New Mexico, including the minimum wage of $12.00 and the specific state income tax rates (1.7% - 5.9%).
Frequently Asked Questions about New Mexico Business
What is the corporate tax rate in New Mexico?
Corporate tax structures vary. In addition to potential corporate income taxes, businesses in New Mexico must also consider unemployment insurance taxes, sales tax collection (5.125%), and local business licenses.
Do LLCs pay tax in New Mexico?
LLCs are typically pass-through entities, meaning profits pass through to the owners' personal tax returns and are taxed at the personal 1.7% - 5.9% rate. However, New Mexico may also impose an annual LLC franchise fee.