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New Mexico - The gross receipts tax rate varies throughout the state from 5.125% to 8.6875% with local option taxes ... This page was last edited on 1 March 2025, ...
[1] [2] It does not have inheritance tax, estate tax or franchise taxes. 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]
She said the City of Carlsbad anticipates gross receipts tax (GRTs) collections to increase to $5.7 million per month during the new fiscal year. More: City of Carlsbad passes 2024 $81M spending plan
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.
According to deputy economic development director Chris Faivre, a total increase of 0.5625% to the city's Gross Receipt Tax would generate $20 million in new revenue per year in order to fund ...
In May 2007, the legislature modified the franchise tax by enacting a modified gross margin tax on certain businesses (sole proprietorships and some partnerships were automatically exempt; corporations with receipts below a certain level were also exempt as were corporations whose tax liability was also below a specified amount), which was ...
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 ...
This is a table of the total federal tax revenue by state, ... New Mexico: 9,641,644 New York: 289,387,122 ... This page was last edited on 23 January 2025, ...