New Mexico franchise tax: due date, fee, and late penalty

New Mexico has no annual report for LLCs. Its $50 corporate franchise tax applies only if you elect to be taxed as a corporation.

April 15, every year. 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. Owed starting with the year of incorporation - the tax applies to every tax year, including a short first year.

$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.

2% per month capped at 20%, plus interest. 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.

A $50 yearly tax that applies only if your LLC elects to be taxed as a corporation. An LLC with default pass-through taxation owes no franchise tax and files no annual report in New Mexico.