New Mexico Tax Department Issues Information on New Top Individual Income Tax Bracket Rate

The New Mexico Taxation and Revenue Department Dec. 22 issued information on the new top individual income tax rate bracket. The tax rate of 5.9 percent will be in effect for the 2021 tax year, and applies to taxable income above $210,000 for single filers and above $315,000 for married couples filing jointly. The 2019 legislation also increased the Working Families Tax Credit to 17 percent from 10 percent of the value of the federal Earned Income Tax Credit and created a new deduction for dependents designed to offset a negative effect of the 2017 federal Tax Cuts and Jobs ...