New Mexico Corporate Income Tax Case Study

New Mexico is an enchanting land for business. Like the rest of the states, New Mexico has its own corporate income tax laws. For the year 2015, the state corporate tax rate ranges from 4.8% of the total net income less than $500,0000; 6.4% of excess over $500,000; and 6.9% in excess of $1,000.000. New Mexico imposes a corporate income tax on the net income of every domestic corporation and every foreign corporation employed or engaged in the transaction of business in, into, or from this state. These include all corporations organized under the laws of the State of New Mexico and corporations exempt from federal income tax under the Internal Revenue Code which have unrelated business income. There are three filing options of controlled corporations