# N.M. Stat. § 7-2-3: Imposition and levy of tax

> New Mexico · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_NM_C7_A2_S7-2-3

## Section

- **Citation:** N.M. Stat. § 7-2-3
- **Heading:** Imposition and levy of tax
- **Jurisdiction:** New Mexico
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** NM Code / Chapter 7 / Article 2 / Section 7-2-3

## Text

A tax is imposed at the rates specified in the Income Tax Act upon the net income of every resident individual and upon the net income of every nonresident individual employed or engaged in the transaction of business in, into or from this state, or deriving any income from any property or employment within this state.

## Nearby sections

- [N.M. Stat. § 7-2-1 § 7-2-1. Short title](https://www.frixlaw.com/law-library/statutes/STATE_NM_STATUTES_C7_A2_S7-2-1.md)
- [N.M. Stat. § 7-2-1 § 7-2-1. Short title](https://www.frixlaw.com/law-library/statutes/STATE_NM_C7_A2_S7-2-1.md)
- [N.M. Stat. § 7-2-2 § 7-2-2. Definitions](https://www.frixlaw.com/law-library/statutes/STATE_NM_C7_A2_S7-2-2.md)
- [N.M. Stat. § 7-2-2 § 7-2-2. Definitions](https://www.frixlaw.com/law-library/statutes/STATE_NM_STATUTES_C7_A2_S7-2-2.md)
- [N.M. Stat. § 7-2-3 § 7-2-3. Imposition and levy of tax](https://www.frixlaw.com/law-library/statutes/STATE_NM_C7_A2_S7-2-3.md)
- [N.M. Stat. § 7-2-3 § 7-2-3. Imposition and levy of tax](https://www.frixlaw.com/law-library/statutes/STATE_NM_STATUTES_C7_A2_S7-2-3.md)
- [N.M. Stat. § 7-2-4 § 7-2-4. Exemptions](https://www.frixlaw.com/law-library/statutes/STATE_NM_C7_A2_S7-2-4.md)
- [N.M. Stat. § 7-2-4 § 7-2-4. Exemptions](https://www.frixlaw.com/law-library/statutes/STATE_NM_STATUTES_C7_A2_S7-2-4.md)
- [N.M. Stat. § 7-2-5.2 § 7-2-5.2. Exemption; income of persons sixty-five and older or blind](https://www.frixlaw.com/law-library/statutes/STATE_NM_STATUTES_C7_A2_S7-2-5.2.md)
- [N.M. Stat. § 7-2-5.2 § 7-2-5.2. Exemption; income of persons sixty-five and older or blind](https://www.frixlaw.com/law-library/statutes/STATE_NM_C7_A2_S7-2-5.2.md)
- [N.M. Stat. § 7-2-5.5 § 7-2-5.5. Exemption; earnings by Indians, their Indian spouses and Indian dependents on Indian lands](https://www.frixlaw.com/law-library/statutes/STATE_NM_STATUTES_C7_A2_S7-2-5.5.md)
- [N.M. Stat. § 7-2-5.5 § 7-2-5.5. Exemption; earnings by Indians, their Indian spouses and Indian dependents on Indian lands](https://www.frixlaw.com/law-library/statutes/STATE_NM_C7_A2_S7-2-5.5.md)
- [N.M. Stat. § 7-2-5.6 § 7-2-5.6. Exemption; medical care savings accounts](https://www.frixlaw.com/law-library/statutes/STATE_NM_C7_A2_S7-2-5.6.md)
- [N.M. Stat. § 7-2-5.6 § 7-2-5.6. Exemption; medical care savings accounts](https://www.frixlaw.com/law-library/statutes/STATE_NM_STATUTES_C7_A2_S7-2-5.6.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_NM_C7_A2_S7-2-3. Check the current official text before relying on it. Not legal advice.