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Albuquerque, the state's largest city, has a combined rate of 7.7875%. [16] [17] [18] The gross receipts of state and local governments other than school districts are taxed by the state at a rate of 5%. Governmental receipts typically subject to this tax include revenues from: trash collection and disposal services, sewer service, sale of water
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. There is a tax imposed by the state and there may also be local taxes imposed by counties and cities. [44]
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 ...
Dec. 31—Sanjay Bhakta didn't ever think he'd work in government. Educated in India, Bhakta's business career took him to West Africa, where he worked as an auditor. He crossed the Atlantic and ...
Gathering and saving receipts and tax documents is an important part of filing taxes and receiving your refund quickly. Whether you take the standard deduction or itemize deductions, most people ...
Arizona has a transaction privilege tax (TPT) that differs from a true sales tax in that it is a gross receipts tax, a tax levied on the gross receipts of the vendor and not a liability of the consumer. [60] Vendors are permitted to pass the amount of the tax on to the consumer, but remain the liable parties for the tax to the state. [61]
Adjusted gross income is an important number used to determine how much you owe in taxes. It's a factor in determining your federal tax bracket and taxable income -- the portion of your income ...