The tax imposed by Section 7-2-3 NMSA 1978 shall be at the following rates for any taxable year beginning on or after January 1, 2025:
A. For married individuals filing joint returns, heads of household and surviving spouses:
For taxable income:
B. For single individuals and for estates and trusts:
C. For married individuals filing separate returns:
For taxable income:
The tax shall be:
Not over $4,000
1.5% of taxable income
Over $4,000 but not over $12,500
$60.00 plus 3.2% of excess over $4,000
Over $12,500 but not over $25,000
$332 plus 4.3% of excess over $12,500
Over $25,000 but not over $50,000
$869.50 plus 4.7% of excess over $25,000
Over $50,000 but not over $157,500
$2,044.50 plus 4.9% of excess over $50,000
Over $157,500
$7,312 plus 5.9% of excess over $157,500.
D. The tax on the sum of any lump-sum amounts included in net income is an amount equal to five multiplied by the difference between:
(1) the amount of tax due on the taxpayer's taxable income; and
(2) the amount of tax that would be due on an amount equal to the taxpayer's taxable income and twenty percent of the taxpayer's lump-sum amounts included in net income.