New Mexico

Corporate income tax

Corporate Income and Franchise Tax (Form CIT-1). TRD's filing-requirements page: return due the 15th day of the 4th month following the close of the tax year; the CIT-1 instructions state the NM due date conforms to the federal corporate return due date (identical for calendar-year filers; differs only for June 30 fiscal years). Flat 5.9% rate for tax years beginning on/after Jan 1, 2025 (HB 252, 2024, eliminated the 4.8% bracket on income under $500,000).

Extension. NM accepts the federal extension if a copy accompanies the CIT-1; otherwise request by letter or Form RPD-41096 on or before the due date

Partnerships and S corporations

Pass-through entities must either withhold on nonresident owners' share of NM net income or elect annually (Section 7-3A-10 NMSA 1978) to pay an entity-level tax on distributed net income at the higher of the personal or corporate rate (5.9%); the election is binding on all owners but cannot cover governmental, tribal, 501(c)(3), unitary-corporate or other pass-through owners. Since tax year 2023 withholding and entity-level tax are reported on the same return. Entities with more than 50 payees must file electronically via TAP.

Gross Receipts Tax

Due date. Form TRD-41413 (Gross Receipts Tax Return) is due on or before the 25th of the month following the end of the reporting period (monthly: 25th of next month; quarterly: Apr 25/Jul 25/Oct 25/Jan 25; semiannual: Jul 25 and Jan 25). Next business day if the 25th is a weekend or holiday.

Filing frequency. TRD assigns monthly, quarterly or semiannual status (shown on the registration certificate). Monthly if combined taxes due average more than $200 per month (or by choice); quarterly if combined taxes for the quarter are less than $600 (average under $200/month); semiannual if combined taxes are less than $1,200 for the six-month period (average under $200/month). Seasonal and special-event statuses also exist.

Thresholds. Monthly: average > $200/month; quarterly: < $600/quarter; semiannual: < $1,200/half-year. E-file/e-pay mandate for taxpayers with average monthly GRT liability of $1,000 or more in the preceding calendar year. Remote sellers/marketplaces: $100,000 in prior-year NM taxable gross receipts.

Notes

NM's 'sales tax' is a gross receipts tax on the seller; the old CRS-1 combined return was replaced by Form TRD-41413 (GRT) filed via TAP. Changes effective 2024+: HB 252 (signed March 6, 2024) made the corporate income tax a flat 5.9% and added Subpart F income to the base for tax years beginning on/after Jan 1, 2025; GRT rate changes limited to July each year from July 1, 2025.