[et_pb_section fb_built=”1″ _builder_version=”4.16″ _module_preset=”default” background_repeat=”round” custom_margin=”0px||||false|false” custom_padding=”0px||0px|||” global_colors_info=”{}”][et_pb_row _builder_version=”4.16″ _module_preset=”default” use_background_color_gradient=”on” background_color_gradient_stops=”#ffffff 0%|#dedede 100%” background_color_gradient_start=”#ffffff” background_color_gradient_end=”#dedede ” custom_margin=”0px||||false|false” custom_padding=”4px||4px||true|false” background_color_gradient_stops_tablet=”#ffffff 0%|#dedede 100%” background_color_gradient_stops_phone=”#ffffff 0%|#dedede 100%” border_width_all=”1px” border_color_all=”#c9c9c9″ global_module=”210″ saved_tabs=”all” locked=”off” collapsed=”off” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_dmb_breadcrumbs font_icon=”%%20%%” home_icon=”%%236%%” use_home_text=”on” home_text=”Businesses” _builder_version=”4.16″ _module_preset=”default” body_text_color=”#282728″ separator_text_color=”#282728″ link_text_color=”#000000″ custom_padding=”0px||0px|15px|false|false” global_colors_info=”{}”][\/et_pb_dmb_breadcrumbs][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ specialty=”on” padding_bottom_1=”0px” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”1_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_blurb title=”Explore Section & Events” use_icon=”on” font_icon=”||divi||400″ _builder_version=”4.16″ _module_preset=”7b5e95ba-231a-438c-8dd9-6676746c29e6″ global_colors_info=”{}”][\/et_pb_blurb][et_pb_sidebar area=”et_pb_widget_area_1″ _builder_version=”4.16″ _module_preset=”50d7f88b-470d-49c8-b370-96c4a9bca4df” custom_margin_tablet=”10px||||false|true” custom_margin_phone=”” custom_margin_last_edited=”on|desktop” custom_padding=”|4%|20px|4%|false|true” saved_tabs=”all” locked=”off” global_colors_info=”{}”][\/et_pb_sidebar][\/et_pb_column][et_pb_column type=”3_4″ specialty_columns=”3″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_row_inner _builder_version=”4.16″ _module_preset=”default” background_color=”#ffffff” custom_padding=”|20px||20px|false|false” global_colors_info=”{}”][et_pb_column_inner saved_specialty_column_type=”3_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_post_title meta=”off” _builder_version=”4.16″ _module_preset=”default” title_font=”|300|||||||” title_font_size=”50px” title_letter_spacing=”-3px” global_colors_info=”{}”][\/et_pb_post_title][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n
Such corporations must file a New Mexico form\u00a0<\/span>CIT-1, Corporate Income and Franchise Tax Return.<\/em><\/p>\n A corporation that has, or exercises, its corporate franchise in New Mexico is subject to the\u00a0Franchise Tax, even if the corporation is not actively engaging in business in New Mexico or owes no New Mexico Corporate Income Tax. Taxpayers must use form\u00a0CIT-1, Corporate\u00a0Income and Franchise Tax Return<\/em>\u00a0to report the $50 annual Franchise Tax.<\/p>\n Exempt from New Mexico Corporate Income Tax and Franchise Tax are:<\/p>\n For a detailed overview of New Mexico Corporate Income and Franchise Taxes, see publication\u00a0FYI-350: Corporate Income Tax and Corporate Franchise Tax.<\/em><\/p>\n New Mexico imposes its corporate income tax on the net income of every domestic corporation and every foreign corporation that:<\/p>\n A “corporation” is a:<\/p>\n “Net income” generally is federal taxable income adjusted to exclude amounts not taxable by states.<\/p>\n New Mexico Corporate Franchise Tax is the obligation of every domestic and foreign corporation, including S corporations, that either engages in business in New Mexico or exercises its corporate franchise in this state, whether actively engaged in business or not.<\/p>\n A corporation exercises its corporate franchise when it seeks treatment as a legal entity or person who is subject to the jurisdiction of, and privileges provided by, state law. Indications of exercise of a corporate franchise include, but are not limited to:<\/p>\n To obtain a certificate of incorporation or to dissolve a corporation, you must contact the\u00a0<\/span>Secretary of State (SOS)<\/a><\/strong>, which regulates corporations in this state.<\/p>\n US Postal Service Delivery: UPS\/FedEx Delivery: For assistance, call (505) 827-0825. Or, for tax return help, email us at\u00a0<\/span>CIT.TaxReturnHelp@state.nm.us<\/a><\/strong><\/p>\n Manage your account online<\/a><\/strong> [\/et_pb_text][\/et_pb_column_inner][\/et_pb_row_inner][\/et_pb_column][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" Corporate Income & Franchise Tax<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"class_list":["post-575","page","type-page","status-publish","hentry"],"yoast_head":"\n\n
Corporate Income Tax<\/h3>\n
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Franchise Tax<\/h3>\n
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Registering and Dissolving Corporations<\/h3>\n
Contact Information<\/h4>\n
New Mexico Taxation and Revenue Department
Corporate Income Tax
P.O. Box 25127
Santa Fe, NM 87504-5127<\/p>\n
New Mexico Taxation and Revenue Department
Corporate Income Tax Unit
Manuel Lujan, Sr., Building
1200 S. St. Francis Drive
Santa Fe, NM 87505<\/p>\nLinks<\/h3>\n
Statutory Reference: Look for\u00a0<\/span>Chapter 7, Article 2A NMSA 1978<\/a><\/strong>\u00a0 in the New Mexico State Statutes.
Forms<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n