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Corporations that generate income from activities or sources in New Mexico and that are required to file federal income tax returns as corporations must pay corporate income tax to the state. [14] Corporate income is taxed at the rate of 4.8% for the first $500,000, 6.4% for the next $500,000 (up to total income of $1 million), and 7.6% for ...
The largest revenue source to New Mexico's general fund is the gross receipts tax, or GRT. Lucinda Sydow, chief economist for the tax department, said it amounted to $4.1 billion in fiscal year 2024.
The New Mexico Taxation and Revenue Department is the state agency responsible for collecting and distributing governmental revenue in New Mexico [2] and administering the state's motor vehicle code. See also
New Mexico’s gross receipts tax hits both goods and services, so it directly affects the cost of doing business. Businesses here have complained forever, and, except for a few half-hearted stabs ...
Jan. 15—New Mexico was among the top six states in a national scorecard on state tax appeals and procedural requirements assembled by the Council on State Taxation. New Mexico was awarded an A ...
Tax free weekend in New Mexico begins at 12:01 a.m. on Friday, Aug. 2 and runs through Saturday, Aug. 4 at midnight. The gross receipt tax exception applies to eligible items in several categories ...