Chapter 7 — Chapter 7
1,736 sections in this chapter.
NMSA 1978, § 7-2-18.26 Agricultural biomass income tax credit
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A. A taxpayer who owns a dairy or feedlot and who files an individual New Mexico income tax return for a taxable year ending prior to January 1, 2030, may claim, and the department may allow, a tax credit equal to five dollars ($5.00) per wet ton of agricultural biomass transport…
NMSA 1978, § 7-2-18.27 Repealed
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History: Laws 2011, ch. 89, § 1; repealed by Laws 2023, ch. 85, § 28.
NMSA 1978, § 7-2-18.28 Repealed
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History: Laws 2012, ch. 55, § 1; repealed by Laws 2023, ch. 85, § 28.
NMSA 1978, § 7-2-18.29 2015 sustainable building income tax credit
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A. The tax credit provided by this section may be referred to as the "2015 sustainable building income tax credit". The 2015 sustainable building income tax credit shall be available for the construction in New Mexico of a sustainable building, the renovation of an existing build…
NMSA 1978, § 7-2-18.3 Repealed
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ANNOTATIONS Repeals. — Laws 1998, ch. 95, § 5, effective January 1, 1998, and Laws 1998, ch. 99, § 3, effective May 20, 1998, both repealed 7-2-18.3 NMSA 1978, as enacted by Laws 1994, ch. 5, § 17. relating to credit for prescription drugs effective for taxable years beginning on…
NMSA 1978, § 7-2-18.30 Repealed
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History: Laws 2018, ch. 36, § 1; repealed by Laws 2025, ch. 130, § 155.
NMSA 1978, § 7-2-18.31 New solar market development income tax credit
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A. For taxable years ending prior to January 1, 2032, a taxpayer who is not a dependent of another individual and who, on or after March 1, 2020, purchases and installs a solar thermal system or a photovoltaic system in a residence, business or agricultural enterprise in New Mexi…
NMSA 1978, § 7-2-18.32 2021 sustainable building income tax credit
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A. The tax credit provided by this section may be referred to as the "2021 sustainable building income tax credit". For taxable years ending prior to January 1, 2028, a taxpayer who is a building owner and files an income tax return may claim a 2021 sustainable building income ta…
NMSA 1978, § 7-2-18.33 Credit; nurses; 2022 taxable year
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A. For taxable year 2022, a taxpayer who is not a dependent of another individual and who was employed full time as a nurse at a hospital located in New Mexico may apply for, and the department may allow, a tax credit against the taxpayer's tax liability pursuant to the Income Ta…
NMSA 1978, § 7-2-18.34 Child income tax credit
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A. For taxable years prior to January 1, 2032, a taxpayer who is a resident and is not a dependent of another individual may apply for, and the department may allow, a credit against the taxpayer's tax liability imposed pursuant to the Income Tax Act for each qualifying child of …
NMSA 1978, § 7-2-18.35 Home fire recovery income tax credit
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A. A taxpayer who is not a dependent of another individual and who, beginning on May 15, 2024 and prior to January 1, 2030, incurs qualified home expenditures for a home in New Mexico to replace a prior home of the taxpayer that was destroyed by a wildfire in calendar years 2021 …
NMSA 1978, § 7-2-18.36 Clean car income tax credit. (Repealed effective January
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1, 2031.) A. A taxpayer who is not a dependent of another individual and who, beginning on the effective date of this section and prior to January 1, 2030, purchases an electric vehicle, plug-in hybrid electric vehicle or fuel cell vehicle or enters into a new lease of at least t…
NMSA 1978, § 7-2-18.37 Clean car charging unit income tax credit. (Repealed
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effective January 1, 2031.) A. A taxpayer who is not a dependent of another individual and who, beginning on the effective date of this section and prior to January 1, 2030, purchases and installs an electric vehicle charging unit or fuel cell charging unit in New Mexico may clai…
NMSA 1978, § 7-2-18.38 Geothermal electricity generation income tax credit
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A. For taxable years ending prior to January 1, 2032, a taxpayer who is not a dependent of another individual and who holds an interest in a geothermal electricity generation facility may apply for, and the department may allow, a credit against the taxpayer's tax liability impos…
NMSA 1978, § 7-2-18.39 Advanced energy equipment income tax credit
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(Repealed effective January 1, 2034.) A. The tax credit provided by this section may be referred to as the "advanced energy equipment income tax credit". A taxpayer who is not a dependent of another individual, who makes qualified expenditures for a qualified manufacturing facili…
NMSA 1978, § 7-2-18.4 Repealed
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History: Laws 1994, ch. 115, § 1; repealed by Laws 2023, ch. 85, § 28.
NMSA 1978, § 7-2-18.40 Local journalist employment income tax credit
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A. For taxable years prior to January 1, 2032, a taxpayer who is not a dependent of another individual and is an owner of a local news organization that employs a journalist may claim a credit against the taxpayer's tax liability imposed pursuant to the Income Tax Act in an amoun…
NMSA 1978, § 7-2-18.41 Local news printer income tax credit
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A. For taxable years prior to January 1, 2032, a taxpayer who is not a dependent of another individual and is an owner of a local news printer that employs a qualified employee may claim a credit against the taxpayer's tax liability imposed pursuant to the Income Tax Act in an am…
NMSA 1978, § 7-2-18.42 Physician tax credit
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A. For taxable years prior to January 1, 2032, a taxpayer who files an individual New Mexico tax return, is not a dependent of another individual, is a physician and provides health care services in New Mexico for at least one thousand five hundred eighty-four hours during a taxa…
NMSA 1978, § 7-2-18.5 Repealed
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History: Laws 1998, ch. 97, § 2; repealed by Laws 2023, ch. 85, § 28.
NMSA 1978, § 7-2-18.6 Repealed
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ANNOTATIONS Repeals. — Laws 1999, ch. 217, § 4 repealed 7-2-18.6, as enacted by Laws 1999, ch. 217, § 1, relating to a job mentorship tax credit, effective January 1, 2002. For provisions of former section, see the 1998 NMSA 1978 on NMOneSource.com.
NMSA 1978, § 7-2-18.7 Repealed
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History: Laws 2000, ch. 64, § 1; Laws 2000, ch. 78, § 1; repealed by Laws 2025, ch. 130, § 155.
NMSA 1978, § 7-2-18.8 Repealed
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History: Laws 2001, ch. 73, § 1; repealed by Laws 2023, ch. 85, § 28.
NMSA 1978, § 7-2-18.9 Repealed
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History: Laws 2002, ch. 91, § 1.
NMSA 1978, § 7-2-19 Repealed
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ANNOTATIONS Repeals. — Laws 1990, ch. 49, § 19 repealed 7-2-19 NMSA 1978, as enacted by Laws 1965, ch. 202, § 12, relating to credit for taxes paid other states by nonresident individuals, effective May 16, 1990. For provisions of former section, see the 1989 NMSA 1978 on NMOneSo…
NMSA 1978, § 7-2-2 Definitions
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For the purpose of the Income Tax Act and unless the context requires otherwise: A. "adjusted gross income" means adjusted gross income as defined in Section 62 of the Internal Revenue Code, as that section may be amended or renumbered; B. "base income": (1) means, for estates an…
NMSA 1978, § 7-2-20 Information returns
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A. Pursuant to regulation, the secretary may require any person doing business in this state and making payments in the course of business to another person to file information returns with the department. B. The provisions of this section also apply to payments made by the state…
NMSA 1978, § 7-2-21 Fiscal years permitted
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Any individual who files income tax returns under the Internal Revenue Code on the basis of a fiscal year shall report income under the Income Tax Act on the same basis. History: 1953 Comp., § 72-15A-14, enacted by Laws 1965, ch. 202, § 14; 1981, ch. 37, § 31.
NMSA 1978, § 7-2-21.1 Accounting methods
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A taxpayer shall use the same accounting methods for reporting income for New Mexico income tax purposes as are used in reporting income for federal income tax purposes. History: 1978 Comp., § 7-2-21.1, enacted by Laws 1981, ch. 37, § 32.
NMSA 1978, § 7-2-22 Administration
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The Income Tax Act shall be administered pursuant to the provisions of the Tax Administration Act [Chapter 7, Article 1 NMSA 1978]. History: 1953 Comp., § 72-15A-15, enacted by Laws 1965, ch. 202, § 18; 1981, ch. 37, § 33.
NMSA 1978, § 7-2-23 Repealed
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History: Laws 1981, ch. 343, § 1; repealed by Laws 2025, ch. 130, § 155.
NMSA 1978, § 7-2-24 Optional designation of tax refund contributions
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A. Except as provided in Subsection C of this section, an individual whose state income tax liability after application of allowable credits and tax rebates in any year is lower than the amount of money held by the department to the credit of such individual for that tax year may…
NMSA 1978, § 7-2-24.1 Repealed
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History: 1978 Comp., § 7-2-24.1, enacted by Laws 1992, ch. 108, § 4; repealed by Laws 2025, ch. 130, § 155.
NMSA 1978, § 7-2-24.2 Repealed
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History: Laws 2021, ch. 90, § 1; repealed by Laws 2025, ch. 130, § 155.
NMSA 1978, § 7-2-25 Repealed
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ANNOTATIONS Repeals. — Laws 1987, ch. 277, § 7 repealed 7-2-25 NMSA 1978, as enacted by Laws, 1981, ch. 343, § 3, relating to contributions credited to game protection fund, effective June 19, 1987.
NMSA 1978, § 7-2-26 Repealed
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ANNOTATIONS Repeals. — Laws 1985, ch. 154, § 6 repealed 7-2-26 NMSA 1978, as enacted by Laws 1985, ch. 154, § 3, relating to distribution of the statue of liberty fund, effective December 31, 1986.
NMSA 1978, § 7-2-27 Repealed
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History: 1978 Comp., § 7-2-27, enacted by Laws 1987, ch. 257, § 2; repealed by 2016, ch. 7, § 4.
NMSA 1978, § 7-2-28 Repealed
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History: 1978 Comp., § 7-2-28, enacted by Laws 1987, ch. 257, § 3; 2011, ch. 42, § 3; 2016, ch. 7, § 2; repealed by Laws 2025, ch. 130, § 155.
NMSA 1978, § 7-2-28.1 Veterans' state cemetery fund; created
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The "veterans' state cemetery fund" is created as a nonreverting fund in the state treasury. The fund consists of appropriations, gifts, grants, donations and amounts designated pursuant to Section 7-2-24 NMSA 1978. Money in the fund at the end of a fiscal year shall not revert t…
NMSA 1978, § 7-2-29 Repealed
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History: Laws 1987, ch. 265, § 1; repealed by Laws 2025, ch. 130, § 155.
NMSA 1978, § 7-2-3 Imposition and levy of tax
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A tax is imposed at the rates specified in the Income Tax Act upon the net income of every resident individual and upon the net income of every nonresident individual employed or engaged in the transaction of business in, into or from this state, or deriving any income from any p…
NMSA 1978, § 7-2-30 Repealed
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History: Laws 1987, ch. 265, § 2; repealed by Laws 2025, ch. 130, § 155.
NMSA 1978, § 7-2-30.1 Repealed
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History: Laws 2005, ch. 56, § 2; repealed by Laws 2025, ch. 130, § 155.
NMSA 1978, § 7-2-30.10 Repealed
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History: Laws 2017, ch. 116, § 1; repealed by Laws 2017, ch. 116, § 3.
NMSA 1978, § 7-2-30.11 Repealed
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History: Laws 2018, ch. 51, § 1; repealed by Laws 2025, ch. 130, § 155.
NMSA 1978, § 7-2-30.2 Repealed
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History: Laws 2005, ch. 87, § 2; repealed by Laws 2025, ch. 130, § 155.
NMSA 1978, § 7-2-30.3 Repealed
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History: Laws 2005, ch. 220, § 2; 2015, ch. 150, § 2; 2018, ch. 4, § 2; repealed by Laws 2025, ch. 130, § 155.
NMSA 1978, § 7-2-30.4 Repealed
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History: Laws 2009, ch. 175, § 2; 2017, ch. 115, § 2; repealed by Laws 2025, ch. 130, § 155.
NMSA 1978, § 7-2-30.5 Repealed
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History: Laws 2012, ch. 7, § 1; repealed by Laws 2025, ch. 130, § 155.
NMSA 1978, § 7-2-30.6 Repealed
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History: Laws 2012, ch. 57, § 1; repealed by Laws 2025, ch. 130, § 155.