Corporate franchise tax
Agency
Not verified yet
Entity types
Corporation; Foreign corporation
Verified 2026-10-25 — source and quotation
New Mexico Corporate Franchise Tax is the obligation of every domestic and foreign corporation, including S corporations, that either engages in business in New Mexico or exercises its corporate franchise in this state, whether actively engaged in business or not.Official source
Deadline rule
CIT-1 annually by the fifteenth day of the fourth month following the close of the tax year. Applies to: CIT-1 corporate income and franchise tax filers; separate S-Corp and electronic-filing deadlines require confirmation.
Verified 2026-10-25 — source and quotation
If you are a business, you must annually file Form CIT-1, New Mexico Corporate Income and Franchise Tax Return. The return is due on the 15th day of the fourth month following the close of the tax year.Official source
Fee
$50
Verified 2026-10-25 — source and quotation
Taxpayers must use form CIT-1, Corporate Income and Franchise Tax Return to report the $50 annual Franchise Tax.Official source
Late penalty
Not verified yet
Grace
Not verified yet
Consequences
Not verified yet
Reinstatement fee
Not verified yet
Official filing portal
Not verified yet
Foreign entity notes
Applies to domestic and foreign corporations, including S corporations, even when inactive if exercising the corporate franchise.
Verified 2026-10-25 — source and quotation
New Mexico Corporate Franchise Tax is the obligation of every domestic and foreign corporation, including S corporations, that either engages in business in New Mexico or exercises its corporate franchise in this state, whether actively engaged in business or not.Official source