Are you an individual or a business?
Individual
Nonresidents do not have to file a New Mexico return if they receive no income from New Mexico sources.
Business
A corporation that has, or exercises, its corporate franchise in New Mexico is subject to the Franchise Tax, even if the corporation is not actively engaging in business in New Mexico or owes no New Mexico Corporate Income Tax. Taxpayers must use form CIT-1, Corporate Income and Franchise Tax Return to report the $50 annual Franchise Tax.
See: Corporate Income & Franchise Tax Overview
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