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  2. Breaking down New Mexico's taxes on corporations - AOL

    www.aol.com/breaking-down-mexicos-taxes...

    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.

  3. Taxation in New Mexico - Wikipedia

    en.wikipedia.org/wiki/Taxation_in_New_Mexico

    [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]

  4. Tax Foundation calls New Mexico tax ranking respectable - AOL

    www.aol.com/tax-foundation-calls-mexico-tax...

    Today property tax rates reflect the reality that in New Mexico many people are land rich and cash poor. Other components in the Tax Foundation’s 2024 State Business Tax Climate Index are mixed.

  5. Gross receipts tax - Wikipedia

    en.wikipedia.org/wiki/Gross_receipts_tax

    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 ...

  6. Economy of New Mexico - Wikipedia

    en.wikipedia.org/wiki/Economy_of_New_Mexico

    Beginning in 2008, personal income tax rates for New Mexico range from 1.7% to 4.9%, within four income brackets. [42] Beginning in 2007, active-duty military salaries are exempt from the state income tax. [43] New Mexico imposes a gross receipts tax on businesses.

  7. New Mexico tax free weekend: When it is? What is eligible? - AOL

    www.aol.com/mexico-tax-free-weekend-eligible...

    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 ...

  8. Sales taxes in the United States - Wikipedia

    en.wikipedia.org/wiki/Sales_taxes_in_the_United...

    New Mexico imposes a gross receipts tax of 5% on most retail sales or leasing of property or performance of services in New Mexico. The tax is imposed on the seller but it is common for the seller to pass the tax on to the purchaser. The state rate is 5.125%. Municipalities may assess an additional gross receipts tax, resulting in rates between ...

  9. Federal tax revenue by state - Wikipedia

    en.wikipedia.org/wiki/Federal_tax_revenue_by_state

    This is a table of the total federal tax revenue by state, federal district, and territory collected by the U.S. Internal Revenue Service. Gross Collections indicates the total federal tax revenue collected by the IRS from each U.S. state, the District of Columbia, and Puerto Rico.