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New Mexico Taxation and Revenue Department; Department overview; Type: Taxation & Revenue Services: Jurisdiction: State of New Mexico: Headquarters: 1100 South St. Francis Drive Santa Fe, New Mexico 87504-1028: Employees: 803: Annual budget: US$ 90,078,526.00 [1] Department executive
New Mexico Motor Vehicle Division; Department overview; Jurisdiction: State of New Mexico: Headquarters: 1100 South St. Francis Drive Santa Fe, New Mexico 87504-1028: Annual budget: US$ 33,499,026.00 [1] Department executive
[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]
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.
Dec. 11—Some 16,700 tax rebate checks from 2022 totaling $6 million were returned to the New Mexico Tax and Revenue Department as undeliverable. The checks were part of the three rounds 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 ...
As of 2024, plates are issued by the New Mexico Taxation and Revenue Department through its Motor Vehicle Division. Only rear plates have been required since 1961. New Mexico is the only state that specifies "USA" on its license plates, so as to avoid confusion with the country Mexico, which it borders to the southwest.
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...