The tax imposed by Section 7-2-3 NMSA 1978 shall be at the following rates for taxable years beginning in 2006 or 2007:
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. |
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. |
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. |
NMS § 7-2-7