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New Mexico: corporate tax rates

The top state corporate income tax rate in each state, and whether it is flat or graduated.

Single detailed source
Top corporate income tax rate5.9%
Rate structureFlat

Rates are for 2026. Most small businesses are taxed as pass-throughs under the individual income tax instead. The federal corporate rate of 21% applies on top.

General information only, not legal, insurance or financial advice. Not affiliated with any government agency. Exceptions can apply. Confirm with the state agency, the court or a licensed professional in New Mexico.

How New Mexico compares

5.9% ranks 28 of 45 (1 = highest) for top corporate income tax rate.

Lowest 2%Highest 11.5%

Alaska: 9.4%AKMaine: 8.93%MEVermont: 8.5%VTNew Hampshire: 7.5%NHWashington: None: gross receipts tax insteadWAIdaho: 5.3%IDMontana: 6.75%MTNorth Dakota: 4.31%NDMinnesota: 9.8%MNIllinois: 9.5%ILWisconsin: 7.9%WIMichigan: 6%MINew York: 7.25%NYRhode Island: 7%RIMassachusetts: 8%MAOregon: 7.6%ORNevada: None: gross receipts tax insteadNVWyoming: NoneWYSouth Dakota: NoneSDIowa: 7.1%IAIndiana: 4.9%INOhio: None: gross receipts tax insteadOHPennsylvania: 7.49%PANew Jersey: 11.5%NJConnecticut: 7.5%CTCalifornia: 8.84%CAUtah: 4.5%UTColorado: 4.4%CONebraska: 4.55%NEMissouri: 4%MOKentucky: 5%KYWest Virginia: 6.5%WVVirginia: 6%VAMaryland: 8.25%MDDelaware: 8.7%DEArizona: 4.9%AZNew Mexico: 5.9%NMKansas: 7%KSArkansas: 4.3%ARTennessee: 6.5%TNNorth Carolina: 2%NCSouth Carolina: 5%SCDistrict of Columbia: 8.25%DCOklahoma: 4%OKLouisiana: 5.5%LAMississippi: 5%MSAlabama: 6.5%ALGeorgia: 5.19%GAHawaii: 6.4%HITexas: None: gross receipts tax insteadTXFlorida: 5.5%FL
  • 2% – 4.9% (10)
  • 5% – 6% (10)
  • 6.4% – 7.1% (8)
  • 7.25% – 8.25% (9)
  • 8.5% – 11.5% (8)
  • No corporate income tax (6)

Also for New Mexico: Small claims limits in New Mexico · Claim deadlines in New Mexico · Car insurance by state in New Mexico · Final paycheck rules in New Mexico · Debt time limits in New Mexico · Shared fault rules in New Mexico · Lemon law rules in New Mexico · All New Mexico rules on one page

How we checked this

Rates come from the Tax Foundation's table of 2026 state corporate income tax rates and brackets. Last checked: November 12, 2026. Laws change; confirm with the state agency or a licensed professional before acting.

Cross-checked sources agree   Checked on official source confirmed on a government, court or legislature site   Single detailed source one detailed table built from statutes or official data   Under review sources disagree; read the note and the law.