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New Mexico Form 637: What You Should Know

PDF format for easier printing 2018 Taxation and Revenue News “Taxing time is upon us. Tax year 2025 kicks off on September 6. The most significant changes in this year's budget are the reduction of the corporate tax rate to 20 percent from 35 percent and the repeal of certain deductions and exemptions.” The Budget of New Mexico Gov. Susana Martinez and Rep. David Weldon, R-Lincoln, unveiled the state's 2 budget proposal in a statement released by the Department of Finance, and it reflects a wide-ranging shift in focus away from the state's economic health toward the fiscal health of school districts and Medicaid programs. “The budget focuses on state priorities to balance state fiscal year 2025 and invest in the future while maintaining a more balanced budget than in recent years.” As part of its fiscal plan, the governor and legislative leaders also approved a 16.2 million capital improvement fund to repair and upgrade state-owned buildings and infrastructure, including the Legislature's Capitol building that is being renovated to the tune of 1.

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