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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]
From gross receipts taxes to unemployment insurance taxes, there's a lot on employers' dockets. ... Officials from the New Mexico Taxation and Revenue Department presented to the legislative ...
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.
New Mexico - The gross receipts tax rate varies throughout the state from 5.125% to 8.6875% with local option taxes imposed at the city and county levels, added to the statewide base tax rate of 5%. [ 9 ]
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 .
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 ...
The rest of the century balanced new taxes with abolitions: Delaware levied a tax on several classes of income in 1869, then abolished it in 1871; Tennessee instituted a tax on dividends and bond interest in 1883, but Kinsman reports [59] that by 1903 it had produced zero actual revenue; Alabama abolished its income tax in 1884; South Carolina ...
Health care business in the state also have to pay gross receipts taxes, which the vast majority of states don't require. ... "I understand that in a poor state like New Mexico, it's difficult to ...