Franchise tax for New Mexico corporations: due date, fee, and late penalty

Franchise tax

Due

Reported with the corporate income tax return - April 15 for calendar-year corporations; the deadline tracks the federal corporate return. Nonprofits owe it only in limited cases.

First one

Owed starting with the year of incorporation - the tax applies to every tax year, including a short first year.

Fee

$50 per tax year or any fraction of one, owed whether or not the corporation is active and even when no income tax is due. S corporations owe it too.

Frequency

Annual

If it is late

Late filing or payment adds 2% of the tax per month, capped at 20%, plus interest. The tax is administered by the revenue department and carries no dissolution consequence.

File on New Mexico's site