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Albuquerque, the state's largest city, has a combined rate of 7.7875%. [17] [18] [19] 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
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’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 ...
Tax free weekend in New Mexico begins at 12:01 a.m. on Friday, Aug. 2 and runs through Saturday, Aug. 4 at midnight. The gross receipt tax exception applies to eligible items in several categories ...
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.
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 ...
Ryan Boetel, Albuquerque Journal, N.M. October 25, 2024 at 11:02 PM ... Health care business in the state also have to pay gross receipts taxes, which the vast majority of states don't require.
Alcohol is taxed at an additional 2.5% gross receipts tax rate above the statewide 6.875% sales tax rate, for a total rate of 9.375%, not including any applicable local taxes. This totals 10.375% in Duluth, 10.275% in Minneapolis, 10.125% in Saint Paul, and 9.875% in Rochester.
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