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[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]
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 ...
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.
New Mexico law allows governments to provide land, buildings, and infrastructure to businesses to promote job creation. Several municipalities have imposed an economic development gross receipts tax (a form of municipal infrastructure GRT) that is used to pay for these infrastructure improvements and for marketing their areas. [48]
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
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 ...
New Mexico imposes a Gross Receipts Tax (GRT) on many transactions, which may even include some governmental receipts. This resembles a sales tax but, unlike the sales taxes in many states, it applies to services as well as tangible goods.
Residents of New Mexico -- who have already gotten several tax breaks this year -- will soon get another round of tax rebates as the state prepares to send payments totaling either $250 or $500 to...