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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
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 ...
"New Mexico’s gross receipts tax hits both goods and services, so it directly affects the cost of doing business." ... New Mexico Business Weekly and Albuquerque Tribune. She is the author of ...
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]
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 ...
Ad valorem tax is any tax that is based on the actual value of the item being taxed. Nearly any type of tax can be an ad valorem tax. Direct tax is a tax paid by a person, as opposed to a tax levied on a business that the person indirectly pays. Double taxation is when a tax is paid twice on the same income or item.
Mar. 9—SANTA FE — Roughly 850,000 New Mexicans will get rebate checks of $250 or larger in July, after Gov. Michelle Lujan Grisham signed off Tuesday on a broad tax package underpinned by a ...