SCorpDesk / 2026 S-Corp & QBI Guides / New Mexico (NM) 2026 S-Corp Tax Calculator, PTET Election & Franchise Tax Guide
New Mexico (NM) 2026 S-Corp Tax Calculator, PTET Election & Franchise Tax Guide
What are the 2026 S-Corp tax and PTET rules in New Mexico?
In New Mexico (NM), the 2026 S-Corporation election rule is: Recognizes Federal Form 2553 (Form S-Corp). For the Pass-Through Entity Tax (PTET) deduction: 5.90% New Mexico Entity-Level Tax (PTET). Entity-level franchise/minimum tax: $50 Annual Franchise Tax.
In New Mexico (NM), the 2026 S-Corporation election rule is: Recognizes Federal Form 2553 (Form S-Corp). For the Pass-Through Entity Tax (PTET) deduction: 5.90% New Mexico Entity-Level Tax (PTET). Entity-level franchise/minimum tax: $50 Annual Franchise Tax.
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2026 New Mexico (NM) S-Corporation Statutory Tax Matrix
| New Mexico S-Corp Compliance Area | 2026 Statutory Rule |
|---|---|
| State S-Corp Election Recognition | Recognizes Federal Form 2553 (Form S-Corp) |
| Pass-Through Entity Tax (PTET) Election | 5.90% New Mexico Entity-Level Tax (PTET) |
| Annual Minimum / Franchise Tax | $50 Annual Franchise Tax |
| Federal Section 199A QBI Deduction | Up to 23% of qualified K-1 income under Public Law 119-21 |
| Home Office & Mileage Deduction Method | Must use an IRC Section 62(c) Corporate Accountable Plan |
Frequently Asked Questions
Does New Mexico require a separate state S-Corp election in 2026?
For New Mexico (NM): Recognizes Federal Form 2553 (Form S-Corp).
What is the New Mexico S-Corp franchise or minimum tax for 2026?
In New Mexico: $50 Annual Franchise Tax.