Tax Foundation: New Mexico 38th on Business Tax Climate

The Tax Foundation is out with its latest ranking of states based on business taxes:

Notably, New Mexico scores the lowest of any of its neighbors or any of the Rocky Mountain states. Over the years, New Mexico has consistently come in at number 38 in the Tax Foundation’s rankings despite having enacted some recent phased-in reductions in the State’s corporate income tax rate.

We are in the midst of those tax reductions and one hopes that as the rate drops to 5.9% in the next few years, we might get a slight boost in our business climate, but the consistently-low ranking shows that New Mexico has a great deal of work to do in the five areas measured by the index: Corporate, Personal Income, Sales, Unemployment, and Property taxation.