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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%.
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
Resale - Resale certificates are the most commonly used of the sales tax exemption certificates. Sales taxes are applied to retail sales and so sales for the purpose of reselling are exempt to avoid double taxation. Reselling and wholesaling account for $844 billion of the American GDP, or 3.3%. [14]
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Regular military salaries of New Mexico residents serving in the U.S. military are subject to the income tax, but since 2007, active-duty military salaries have been exempt from the state income tax. [7] [8] Personal income tax rates for New Mexico range from 1.7% to 5.9%, within five income brackets. [9]
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In a 1988 article, The New York Times Magazine credited Price Club as the "pioneer" of the warehouse club retail format. [1] After his departure from FedMart, Sol Price noticed that small businesses in San Diego either ordered directly from four or five large wholesalers or they bought locally from relatively small cash-and-carry wholesalers. [1]
The Federal Energy Regulatory Commission (FERC) is an independent agency of the United States government that regulates the interstate transmission and wholesale sale of electricity and natural gas and regulates the prices of interstate transport of petroleum by pipeline.