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While New Mexico does not have a state sales tax it does have a statewide "gross receipts tax", which is commonly passed on to the consumer by businesses just like a normal sales tax. [3] [4] [5] Its state income tax ranges from 1.7% to a maximum of 4.9%. [3]
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.
A gross receipts tax or gross excise tax is a tax on the total gross revenues of a company, regardless of their source. A gross receipts tax is often compared to a sales tax ; the difference is that a gross receipts tax is levied upon the seller of goods or services, while a sales tax is nominally levied upon the buyer (although both are ...
Jul. 6—SANTA FE — The state of New Mexico cut its gross receipts tax last week by one-eighth of 1 percentage point — the first reduction of its kind in more than 40 years. Another decrease ...
New Mexico imposes a gross receipts tax of 5% on most retail sales or leasing of property or performance of services in New Mexico. The tax is imposed on the seller but it is common for the seller to pass the tax on to the purchaser. The state rate is 5.125%. Municipalities may assess an additional gross receipts tax, resulting in rates between ...
Jun. 10—New Mexico's economic activity continues to perform vibrantly, with matched taxable gross receipts, or MGTR, at their second-highest level ever, according to a recent report from the ...
Beginning in 2007, active-duty military salaries are exempt from the state income tax. [43] New Mexico imposes a gross receipts tax on businesses. This resembles a sales tax but unlike the sales taxes in many states it applies to services as well as tangible goods. Normally the business passes the tax on to the purchaser.
If last year you earned $80,000 in salary, $1,000 in interest income, and $5,000 in sales from your e-commerce business, your gross income for the year would be all of those income sources added ...