Individual income tax rates.

The tax imposed by Section 7-2-3 NMSA 1978 shall be at the following rates for any taxable year beginning on or after January 1, 2025: A. For married individuals filing joint returns, heads of household and surviving spouses: For taxable income: The tax shall be: Not over $8,000 1.5% of taxable income Over $8,000 but not over $25,000 $120 plus 3.2% of excess over $8,000 Over $25,000 but not over $50,000 $664 plus 4.3% of excess over $25,000 Over $50,000 but not over $100,000 $1,739 plus 4.7% of excess over $50,000 Over $100,000 but not over $315,000 $4,089 plus 4.9% of excess over $100,000 Over $315,000 $14,624 plus 5.9% of excess over $315,000. B. For single individuals and for estates and trusts: For taxable income: The tax shall be: Not over $5,500 1.5% of taxable income Over $5,500 but not over $16,500 $82.50 plus 3.2% of excess over $5,500 Over $16,500 but not over $33,500 $434.50 plus 4.3% of excess over $16,500 Over $33,500 but not over $66,500 $1,165.50 plus 4.7% of excess over $33,500 Over $66,500 but not over $210,000 $2,716.50 plus 4.9% of excess over $66,500 Over $210,000 $9,748 plus 5.9% of excess over $210,000. C. For married individuals filing separate returns: For taxable income: The tax shall be: Not over $4,000 1.5% of taxable income Over $4,000 but not over $12,500 $60.00 plus 3.2% of excess over $4,000 Over $12,500 but not over $25,000 $332 plus 4.3% of excess over $12,500 Over $25,000 but not over $50,000 $869.50 plus 4.7% of excess over $25,000 Over $50,000 but not over $157,500 $2,044.50 plus 4.9% of excess over $50,000 Over $157,500 $7,312 plus 5.9% of excess over $157,500. D. The tax on the sum of any lump-sum amounts included in net income is an amount equal to five multiplied by the difference between:

(1) the amount of tax due on the taxpayer's taxable income; and

(2) the amount of tax that would be due on an amount equal to the taxpayer's taxable income and twenty percent of the taxpayer's lump-sum amounts included in net income.