New Mexico: corporate income tax, a franchise (privilege) tax and an annual report due every two years.
Each fact below cites the agency page we read and the day we read it. Where a rule is still being confirmed, the page says so instead of showing a zero.
Verified facts
Corporate income tax
Yes
Franchise or privilege
Yes
$50 per year or partial year, reported on Form CIT-1. Due even when the corporation is immune from corporate income tax under P.L. 86-272, and inactive corporations remain liable as long as they exercise their franchise in New Mexico.
Entity annual report
Yes
biennial
Return due date
Published rule
15th day of the fourth month following the close of the tax year (April 15 for calendar-year filers)
Extension
Available
Zero activity / minimum tax
$50 franchise tax per year or partial year
Long-form guide in professional review
Dates, extensions and payments
Filing and payment dates stay separate wherever the source supports it.
- Filing
Return filing
15th day of the fourth month following the close of the tax year (April 15 for calendar-year filers)
Same rule applies to fiscal-year and short-year filers; use the form for the tax year in which the fiscal or short year begins.
- Extension
Extension
Does not extend paymentMust be requested
- Entity report
Entity report
biennialbiennial
Email me the New Mexico guide
We send you this page with its sources, and we tell you if a date changes.
Frequently asked questions
Does New Mexico impose a corporate income tax?
Yes. The state agency publishes the applicable rate. Form: CIT-1, Corporate Income and Franchise Tax Return.
Does New Mexico charge a franchise or privilege tax?
Yes. Check the fact chip and the linked official source before budgeting for it.
When is the New Mexico corporate return due?
15th day of the fourth month following the close of the tax year (April 15 for calendar-year filers)
Does an extension also postpone the tax payment?
No. The extension moves the filing date, not the payment date; unpaid tax can accrue penalty and interest.
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