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FYI-202 FOR YOUR INFORMATION Tax Information/Policy Office P.O. Box 630 New Mexico Taxation and Revenue Department Santa Fe, New Mexico 87504-0630 Gross Receipts Tax and Health Care Services This.

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Gross receipts taxes are also taxes on sales, but unlike a general sales tax, the tax is levied on the seller rather than the consumer.

The Gross Receipts Tax rate varies throughout the state from 5% to 9.3125%. It varies because the total rate combines rates imposed by the state, counties, and, if applicable, municipalities where the businesses are located.

New Mexico's gross receipts tax system is a joint effort of the state and its individual counties and municipalities. The state sets a state-wide gross receipts tax rate (currently 5.125%). To the state rate, counties and municipalities may add various increments of local option gross receipts taxes.

For the privilege of engaging in business, an excise tax equal to five and one-eighth percent of gross receipts is imposed on any person engaging in business in New Mexico. B. The tax imposed by this section shall be referred to as the "gross receipts tax". History: 1953 Comp., § 72-16A-4, enacted by Laws 1966, ch.

New Mexico does not have a sales tax. It has a gross receipts tax instead. This tax is imposed on persons engaged in business in New Mexico. In almost every case, the person engaged in business passes the tax to the consumer either separately stated or as part of the selling price.

How do I Estimate Gross Receipts? Add all of your transactions to get the sum of your business's expenditure, then subtract the cost of goods sold. Include sales returns and allowances when calculating this sum. This amount is your whole estimate for that month or year.

The state imposes a governmental gross receipts tax of 5.00% on the receipts of New Mexico state and local governments.

Many cities and counties in New Mexico also collect GRT to pay for municipal services, so the rate you pay will vary depending on where you are in the state. Excise taxes on the sales of tobacco, liquor, motor vehicles, and telecommunications services account for 8%.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232