The Tax Foundation is the nations leading independent tax policy nonprofit. Indiana will implement a new threshold for sales tax exemptions for nonprofits beginning in July. Property taxes in New Mexico go to support local governments and schools. AARP commends Gov. As previously noted, some in-state professional services will continue to be sourced to the seller's place of business rather than the customer's location. The bill includes a cap for exemption eligibility of $100,000 for single filers and $150,000 for married couples filing jointly. The Gross Receipts Tax rate varies throughout the state from 5% to 9.3125%. The gross receipts tax rate varies throughout the state from 5.125% to 8.6875% depending on the location of the business. Did South Dakota v. Wayfair, Inc affect New Mexico? Lujan Grisham announces legislation to continue growth of state film jobs and workforce training. Pursuant to H.B. With the signing of SB 1305 into law, Oklahoma will provide a sales tax exemption to nonprofits dedicated to disaster recovery starting in July. Similar to states with an RST, New Mexico also imposes a complementary compensating tax, which is an excise tax imposed on persons using property or services in New Mexico; as with a use tax, it is intended to protect New Mexico businesses from out-of-state businesses that are not subject to the GRT. Taxpayer Access Point (TAP)TAP is the Departments electronic filing system. It varies because the total rate combines rates imposed by the state, counties, and, if applicable, municipalities where the businesses are located. Prescription drugs are also exempt from gross receipts taxes in New Mexico. One-Time Checkup with a Financial Advisor. Get facts about taxes in your state and around the U.S. Under HB 918, Mississippi will allow food trucks to serve alcoholic beverages beginning in July, provided they also offer food, and that their food sales make up at least 25 percent of their revenue. More information is available here. As a result, many out-of-state service providers selling to New Mexico customers will be required to collect GRT, and some in-state businesses may be required to accrue and remit compensating tax if GRT was not collected by the service provider. Suite 950 Tax Information/Policy Office P.O. Michelle Lujan Grisham on Wednesday, speaking at an economic development event, announced that she will pursue a statewide cut in gross receipts taxes, the first in decades, as part of signature legislative agenda items for the upcoming 2022 session, a measure that will save New Mexico families and . Additionally, the state will begin exempting all feminine hygiene products from the base at that same time. This legislation provides much needed tax relief for New Mexico families, seniors, nurses and veterans. This reduction comes with a contingency plan: if the revenue from the gross receipts tax in any single fiscal year from 2026 to 2029 is less than the 95 percent of the previous years revenue, then the rate will return to 5.125 percent on the following July 1. In common business practice, however, the seller or lessor recovers the gross . Since 1937, our principled research, insightful analysis, and engaged experts have informed smarter tax policy at the federal, state, and global levels. While most of these changes took effect January 1, Idahos rate changes are retroactive to January 1. This site uses cookies to collect site usage data and provide social media services. is taxed at a rate of $6.06 per gallon. The Department has a YouTube channel where you can locate useful information about the Taxpayer Access Point (TAP), recent legislative changes, and other topics. Please limit your response to 150 characters or less. The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network. Moreover, the imposition of the compensating tax will be amended so that services performed outside the state are taxable if those services would have been subject to GRT if they were performed by a person with a GRT obligation. Food that is intended for immediate consumption (e.g. This tax package is about making a difference for every community in New Mexico, said Rep. Christine Chandler. Vermont previously exempted manufacturing machinery and equipment from its sales tax, but through H 738, legislators have expanded the definition to specify that equipment used as part of an integrated process is also exempt, effective July 1. Find an Online Service to Serve Your Needs, 1200 South St. Francis DriveSanta Fe, NM 87504, Powered byReal Time Solutions Website Design & Document Management, Gross Receipts Location Code and Tax Rate Map, Forms & Publications : Taxation and Revenue New Mexico, Online Services : Taxation and Revenue New Mexico, Contact Us : Taxation and Revenue New Mexico, Property Tax Division : Taxation and Revenue New Mexico, Fill, Print & Go : Taxation and Revenue New Mexico, CRS Redesign Project : Taxation and Revenue New Mexico, News & Alerts : Taxation and Revenue New Mexico, Non-Taxable Transaction Certificates (NTTC), Online Non Taxable Transaction Certificates, Oil, Natural Gas and Mineral Extraction Taxes, Active Property Tax Installments By County, STATE ASSESSED PROPERTY VALUATION APPEAL PROCESS, Native American Veteran Personal Income Tax Claims, Monthly Local Government Distribution Reports (RP-500), Monthly Local Government Distribution Reports (CAN Distribution Detail by location), Property Tax Rebate for Personal Income Tax, Confidentiality of Tax Return Information, Legislative Updates & Proposed Legislation, Monthly RP-80 Reports: Gross Receipts by Geographic Area and NAICS Code, Quarterly RP-80 Reports: Gross Receipts by Geographic Area and NAICS Code, Fiscal Year RP-80 Reports: Gross Receipts by Geographic Area and NAICS code, Combined Fuel Tax Distribution Reports (CFT), Oil Natural Gas & Mineral Extraction Taxes, Monthly Alcohol Beverage Excise Tax Report, Monthly Cigarette Stamps Distribution Report, Monthly Business Tax Historical Combined Reporting System (CRS) Distribution Matrix, https://nmtrd.maps.arcgis.com/home/index.html, Request Non-Taxable Transaction Certificates (NTTCs), Accessibility / Non-Discrimination Statement. E- FileManage your account onlineWho Must Register?FYI-102: Information for New BusinessesGross Receipts Tax WorkshopsGross Receipts Tax RatesRequest a Managed Audit, Note: Your browser may ask you to allow pop-ups from this website. The gross receipts map layer will appear after "zooming in" slightly. The disclaimer and cautions above apply to all maps in the Portal. 6, the state will adopt a statewide system of municipal and county compensating taxes that will apply in each jurisdiction at a rate equal to the combined municipal and county GRTs imposed under current law. A one-time $1,000 refundable income tax credit for tax year 2022 for full-time hospital nurses. AARP has long fought to lessen the burden of state tax on Social Security beneficiaries, and this bill is a giant step forward. On July 1, the state rate will drop from 5.125 percent to 5.00 percent, with a further reduction to 4.875 scheduled for July 1, 2023. Box 630 Santa Fe, New Mexico 87504-0630 . H.B. New Mexicos Child Income Tax Credit will provide much needed relief to hardworking parents doing their best to raise their children in these trying times, said Rep. Micaela Lara Cadena. Exemptions can be claimed for each taxpayer as well as dependents such as ones spouse or children. New Mexico has a progressive income tax with rates that rank among the 20-lowest in the country. Taxes can really put a dent in your paycheck. Department publication FYI-200 explains the new rules and provides some examples to help taxpayers understand how they . Find an Online Service to Serve Your Needs, 1200 South St. Francis DriveSanta Fe, NM 87505, Powered byReal Time Solutions Website Design & Document Management, Forms & Publications : Taxation and Revenue New Mexico, Online Services : Taxation and Revenue New Mexico, Contact Us : Taxation and Revenue New Mexico, Property Tax Division : Taxation and Revenue New Mexico, Fill, Print & Go : Taxation and Revenue New Mexico, CRS Redesign Project : Taxation and Revenue New Mexico, News & Alerts : Taxation and Revenue New Mexico, Non-Taxable Transaction Certificates (NTTC), Online Non Taxable Transaction Certificates, Gross Receipts Location Code and Tax Rate Map, Oil, Natural Gas and Mineral Extraction Taxes, Active Property Tax Installments By County, STATE ASSESSED PROPERTY VALUATION APPEAL PROCESS, Native American Veteran Personal Income Tax Claims, Monthly Local Government Distribution Reports (RP-500), Monthly Local Government Distribution Reports (CAN Distribution Detail by location), Property Tax Rebate for Personal Income Tax, Confidentiality of Tax Return Information, Legislative Updates & Proposed Legislation, Monthly RP-80 Reports: Gross Receipts by Geographic Area and NAICS Code, Quarterly RP-80 Reports: Gross Receipts by Geographic Area and NAICS Code, Fiscal Year RP-80 Reports: Gross Receipts by Geographic Area and NAICS code, Combined Fuel Tax Distribution Reports (CFT), Oil Natural Gas & Mineral Extraction Taxes, Monthly Alcohol Beverage Excise Tax Report, Monthly Cigarette Stamps Distribution Report, Monthly Business Tax Historical Combined Reporting System (CRS) Distribution Matrix, Request Non-Taxable Transaction Certificates (NTTCs), Accessibility / Non-Discrimination Statement. Blog. Unfortunately, we are currently unable to find savings account that fit your criteria. The same paycheck covers less goods, services, and bills. The Las Cruces sales tax rate is %. The most significant is the exemption for food. The bill creates an accompanying privilege tax of $100 to be paid annually by each food truck that wishes to sell alcohol. The Hearing Officer determined that based on previous decisions both deductions were limited to receipts received for services of individual health care practitioners and not for health care facilities. Unlike a sales tax, a gross receipts taxis assessed on businesses and apply to business-to-business transactions in addition to final consumer purchases, leading to tax pyramiding. Identify the appropriate GRT Location Code and tax rate by clicking on the map at the location of interest. New Mexico's GRT is a unique state tax that resembles the retail sales tax (RST) imposed by most other states, but it differs from the RST in several ways. The business almost always passes the tax onto the consumer, either as a separate line item or as part of the retail price. You can also use the search function at the top of the folder display. If an out-of-state seller does not collect GRT, perhaps because the seller does not satisfy New Mexico's economic nexus threshold, the New Mexico purchaser will be subject to an increased compensating tax obligation that is on par with the GRT that would have applied had the seller been located within New Mexico. For the two deductions the Taxpayer claimed, the Department argued that only individuals specifically included in the definition of a health care practitioner were allowed to take the deductions. Michelle Lujan Grisham signed legislation amending certain provisions of the New Mexico gross receipts tax. Request Non-Taxable Transaction Certificates (NTTCs), Accessibility / Non-Discrimination Statement. For the best user experience on this website, you should update your browser (Internet Explorer,Chrome,FirefoxorSafari), Find an Online Service to Serve Your Needs, 1200 South St. Francis DriveSanta Fe, NM 87504, Powered byReal Time Solutions Website Design & Document Management, Forms & Publications : Taxation and Revenue New Mexico, Online Services : Taxation and Revenue New Mexico, Contact Us : Taxation and Revenue New Mexico, Property Tax Division : Taxation and Revenue New Mexico, Fill, Print & Go : Taxation and Revenue New Mexico, CRS Redesign Project : Taxation and Revenue New Mexico, News & Alerts : Taxation and Revenue New Mexico, Non-Taxable Transaction Certificates (NTTC), Online Non Taxable Transaction Certificates, Gross Receipts Location Code and Tax Rate Map, Oil, Natural Gas and Mineral Extraction Taxes, Active Property Tax Installments By County, STATE ASSESSED PROPERTY VALUATION APPEAL PROCESS, Native American Veteran Personal Income Tax Claims, Monthly Local Government Distribution Reports (RP-500), Monthly Local Government Distribution Reports (CAN Distribution Detail by location), Property Tax Rebate for Personal Income Tax, Confidentiality of Tax Return Information, Legislative Updates & Proposed Legislation, Monthly RP-80 Reports: Gross Receipts by Geographic Area and NAICS Code, Quarterly RP-80 Reports: Gross Receipts by Geographic Area and NAICS Code, Fiscal Year RP-80 Reports: Gross Receipts by Geographic Area and NAICS code, Combined Fuel Tax Distribution Reports (CFT), Oil Natural Gas & Mineral Extraction Taxes, Monthly Alcohol Beverage Excise Tax Report, Monthly Cigarette Stamps Distribution Report, Monthly Business Tax Historical Combined Reporting System (CRS) Distribution Matrix. When retail sports betting was first authorized in Louisiana last November, sportsbook operators could deduct $5 million of promotional play expenses per app. This deduction was more generous than the legislature intended, and beginning in July, operators will be limited to $5 million of promotional play deductions per license under SB 290. Please change your search criteria and try again. Web maps and applications launched directly from the Portal will open in a new browser tab. Your feedback is very important to us. While capital gains are taxable as personal income in New Mexico, the state allows taxpayers with income from capital gains to claim a special tax deduction. Leasing or licensing property employed in New Mexico; Granting a right to use a franchise employed in New Mexico; Performing services in New Mexico, and performing services outside of New Mexico, the product of which is initially used in New Mexico. Despite having the highest unemployment rate in the nation for all of 2022, our incredibly strong oil and gas industry, buoyed by high prices and . Mississippi currently exempts health-care facilities from paying sales taxes on construction materials, and machinery and equipment purchased within three months of completion of construction of a facility. Note: This is the same 11-digit tax identification number. This page provides important links for the Departments e-file system, Taxpayer Access Point (TAP), and the Forms & Publications page. Thursday, August 11, 2022. Gross Receipts Location Code and Tax Rate Map. That deduction is equal to up to 40% of the total income from net capital gains or $1,000 of the net capital gains reported, whichever is larger. New Mexico: First Gross Receipts Tax cut in 40 years now in effect July 28, 2022 New Mexico businesses are reminded that the statewide Gross Receipts Tax rate dropped from 5.125% to 5% on July 1, 2022. The rate includes a combination of state and local GRTs, if applicable. On May 12, 2017, the Department acknowledged the Taxpayers protest. Legislative priority will save New Mexicans $145 million annually. 6 also imposes tax on specified digital goods sold to or accessed by in-state residents. How to use this page: Expand the folders below to find the document (s) you are looking for. Sourcing for the local compensating taxes will follow the new destination-based rules. Enter your financial details to calculate your taxes, Find a Savings or CD account that works for you. When Do We Update? Small Business Saturday Gross Receipts Tax Holiday. Our income tax calculator calculates your federal, state and local taxes based on several key inputs: your household income, location, filing status and number of personal exemptions. GROSS RECEIPTS AND COMPENSATING TAX RATE SCHEDULE Effective July 1,2022 through December 31,2022. Explore our weekly state tax maps to see how your state ranks on tax rates, collections, and more. Through a combination of bills, Maryland will begin exempting a number of items from its sales tax starting in July, including baby products like diapers, car seats, and bottles, in addition to medical items like thermometers, masks, diabetic care products, and oral hygiene products. The technical storage or access that is used exclusively for anonymous statistical purposes. Please see FYI 200 for more information on choosing the correct location and tax rate for your receipts. Although the Gross Receipts Tax is imposed on businesses, it is common for a business to pass the Gross Receipts Tax on to the purchaser either by separately stating it on the invoice or by combining the tax with the selling price. The state imposes a governmental gross receipts tax of 5.00% on the receipts of New Mexico state and local governments. To open the document click on the Open File to the right of the title. Working with an adviser may come with potential downsides such as payment of fees (which will reduce returns). Professional services are services that either require a license from the state to perform or require a masters degree or better to perform. FYI-105: Gross Receipts and Compensating Taxes: An Overview. The Taxation and Revenue Department encourages all taxpayers to file electronically. Use the plus (+) and minus (-) buttons in the upper left corner of the map. Deductions, both itemized and standard, match the federal deductions. Southwest Sales Tax Updates . In-person or "over-the-counter" retail sales will not be affected by this change. Businesses that do not have a physical presence in New Mexico, including marketplace providers and sellers, also are subject to Gross Receipts Tax if they have at least $100,000 of taxable gross receipts in the previous calendar year. Other Important LinksBusinessesForms & PublicationsIndividualsMVD ServicesNews & AlertsSoftware Developers, Find an Online Service to Serve Your Needs, 1200 South St. Francis DriveSanta Fe, NM 87505, Powered byReal Time Solutions Website Design & Document Management. As of 7/1/21, New Mexico is considered a destination-based sales tax state. On May 12, 2017, the Department acknowledged the Taxpayer's protest. There are no guarantees that working with an adviser will yield positive returns. Your information will NOT be saved after this time out. A sales tax is levied on retail sales of goods and services and, ideally, should apply to all final consumption with few exemptions. The state also consolidated five individual income tax brackets into four and reduced the second-highest rate from 3.1 to 3 percent. Itis sometimes referred to as a hidden tax, as it leaves taxpayers less well-off due to higher costs and bracket creep, while increasing the governments spending power. New Mexico is in a unique of economic situation. On August 9, 2022, the New Mexico Taxation and Revenue Department published proposed regulations addressing the gross receipts tax (New Mexico's version of a sales tax . Basic structure of New Mexico's GRT and compensating tax, Tax changes for out-of-state sellers of services, Marrying ESG initiatives to business tax planning, Early access to wages may require new employment tax analyses, Determining gross receipts under Sec. Starting July 1, Virginia will exempt network equipment from the sales tax, in accordance with H 1155, as long as the equipment is used for video broadcasting or by phone carriers. Note: This is the same 11-digit tax identification number. Businesses will generally use the location code and tax rate corresponding to the location where their goods or the product of their services is delivered. * These are the taxes owed for the 2022 - 2023 filing season. Thats about average for cigarette taxes in the U.S. Michelle Lujan Grisham signed House Bill (H.B.) It is equal to 25% of the value of any tobacco product. One exception is if the services performed meet the definition of professional services found in statute. What is the most important reason for that score? SmartAsset does not review the ongoing performance of any Adviser, participate in the management of any users account by an Adviser or provide advice regarding specific investments. Prescription drugs are also exempt from gross receipts taxes in New Mexico. TRD GIS Data Disclaimer applies:https://www.tax.newmexico.gov/all-nm-taxes/businesses/data-download/. On April 24, 2017, the Taxpayer filed a formal protest of the Department's failure to grant or deny its request for a refund of gross receipts tax for periods in 2012 to 2015. This interpretation was further supported by Department regulation. The Department argued that, with the exception of the deduction for costs incurred in the construction of hospitals, there was no deduction from gross receipts explicitly provided for hospitals in statute. Use the plus (+) and minus (-) buttons in the upper left corner of the map. State and local taxes are not deductible in New Mexico, so any filers claiming that itemized deduction on their federal tax return must add it back to their state taxable income. Although the Gross Receipts Tax is imposed on businesses, it is common for a business to pass the Gross Receipts Tax on to the purchaser either by separately stating it on the invoice or by combining the tax with the selling price. An end to the so-called tampon tax by creating a gross receipts tax deduction for feminine hygiene products. The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes. A three-year income tax exemption for armed forces retirees, starting at $10,000 of military retirement income in 2022 and rising to $30,000 of retirement income in tax year 2024. New Mexicans, like all Americans, are feeling the pressure of rising costs, said Gov. For example, nonprofits that fulfill certain requirements are granted tax-exempt status by the IRS, preventing them from having to pay income tax. An excise tax is a tax imposed on a specific good or activity. Property taxes in New Mexico go to support local governments and schools. Applicability of the information to specific situations should be determined through consultation with your tax adviser. New Mexico Taxation and Revenue Department Provides Additional Guidance on the Sourcing of Services In January, the New Mexico Taxation and Revenue Department issued revised information that discusses how to determine gross receipts tax location codes, and rates to use for professional services for sales and use tax purposes. Below is a tutorial on how to use the map. To be ready for the changes taking effect on July 1, 2021, both New Mexico-based and out-of-state businesses should work to update their compliance processes and systems to ensure proper payment of New Mexico's GRT and compensating tax. On April 4, 2019, New Mexico Gov. Below we will take a closer look at the rules and exceptions for each of these taxes individually, as well as a few others such as the gas and cigarette taxes. Nearly all sales are subject to the GRT, meaning taxability determinations are likely less complicated than under an RST. FYI-204 REV. For tax year 2022, that means single filers can claim a standard deduction of $12,950 and joint filers can claim a standard deduction of $25,900. The New Mexico gross receipts tax rate is 5.125%. Find an Online Service to Serve Your Needs, 1200 South St. Francis DriveSanta Fe, NM 87504, Powered byReal Time Solutions Website Design & Document Management, Forms & Publications : Taxation and Revenue New Mexico, Online Services : Taxation and Revenue New Mexico, Contact Us : Taxation and Revenue New Mexico, Property Tax Division : Taxation and Revenue New Mexico, Fill, Print & Go : Taxation and Revenue New Mexico, CRS Redesign Project : Taxation and Revenue New Mexico, News & Alerts : Taxation and Revenue New Mexico, Non-Taxable Transaction Certificates (NTTC), Online Non Taxable Transaction Certificates, Oil, Natural Gas and Mineral Extraction Taxes, Active Property Tax Installments By County, STATE ASSESSED PROPERTY VALUATION APPEAL PROCESS, Native American Veteran Personal Income Tax Claims, Monthly Local Government Distribution Reports (RP-500), Monthly Local Government Distribution Reports (CAN Distribution Detail by location), Property Tax Rebate for Personal Income Tax, Confidentiality of Tax Return Information, Legislative Updates & Proposed Legislation, Monthly RP-80 Reports: Gross Receipts by Geographic Area and NAICS Code, Quarterly RP-80 Reports: Gross Receipts by Geographic Area and NAICS Code, Fiscal Year RP-80 Reports: Gross Receipts by Geographic Area and NAICS code, Combined Fuel Tax Distribution Reports (CFT), Oil Natural Gas & Mineral Extraction Taxes, Monthly Alcohol Beverage Excise Tax Report, Monthly Cigarette Stamps Distribution Report, Monthly Business Tax Historical Combined Reporting System (CRS) Distribution Matrix, https://www.tax.newmexico.gov/all-nm-taxes/businesses/data-download/, Request Non-Taxable Transaction Certificates (NTTCs), Accessibility / Non-Discrimination Statement. Beginning July 1, the states Family Relief Plan will take effect. Under the existing regime, there is no compensating tax in New Mexico on a municipal and county level only a statewide compensating tax even though local governments can levy a local GRT at varying rates.Deliveries from out of state are subject to a single state-level tax, while an in-state delivery is subject to the state tax plus any local GRT. Through HB 163, New Mexico will become the first state in many years to reduce its state-level sales tax rate, which the state refers to as its gross receipts tax. This article discusses some procedural and administrative quirks that have emerged with the new tax legislative, regulatory, and procedural guidance related to COVID-19. Identify the appropriate GRT Location Code and tax rate by clicking on the map at the location of interest. In an attempt to combat supply chain issues, Idaho will exempt qualified semiconductor projects from sales taxes on construction and building materials after July 1. The New Mexico taxable income rate is $5,500,633.20, according to the Single Filers table. New Mexico ranks below the national average for each of these taxes. More information on this standard is available in FYI-206: Gross Receipts Tax and Marketplace Sales. An extension of the solar market tax credit, worth 10% of the purchase and installation cost of a solar power system. ALBUQUERQUE - Gov. Local sales tax bases can vary dramatically from the state base, but this new law will preclude those local bases from including certain types of prescription drugs. The combination of the new sourcing rules and local compensating taxes means that most transactions that are subject to GRT or compensating taxes will be on a destination basis, and the tax will apply at the combined state and local rate in the destination jurisdiction, regardless of whether the seller was located in state or outside of New Mexico. Instead of the previous benchmark of having fewer than 30 days of sales a year, these organizations must now see sales of less than $20,000 in a year. A property tax is primarily levied on immovable property like land and buildings, as well as on tangible personal property that is movable, like vehicles and equipment. 6, the New Mexico Taxation and Revenue Department (TRD) must develop a database of tax rates to assist businesses and individuals in determining the correct rate of tax owed; sellers who rely on the database will not be held liable if the database somehow provides an incorrect rate. The fee is levied on the end-consumer but will be collected by retailers and marketplace facilitators. The Taxpayer is a hospital that claimed two different . Since a hospital is not an individual health care practitioner in a specified field of practice, the hospital was not allowed to take the deductions. 23-05. The relief plan also includes sending out rebate checks for qualifying individuals in September, making last years increase to the earned income tax credit permanent, giving out property tax rebates to eligible homeowners, and holding a sales tax holiday for school supplies in August. ONTARIO Canadian farm cash receipts went up by $11.7 billion or 14.1 % to hit $94.9 billion in 2022, according to Statistics Canada. There is no estate or inheritance tax in New Mexico. Gross receipts are the total amount of money or other consideration received from the above activities. Michelle Lujan Grisham today signed House Bill 163, legislation that includes many of the governors priorities intended to keep more money in the pockets of New Mexicans, including exempting social security income from taxation and cutting the states gross receipts tax rate for the first time in 40 years. Indianas tax on vapor products goes into effect on July 1. The table below shows state, county and city rates in every county in New Mexico, as well as some of the largest cities. Many of the documents have been updated to reflect this change. Through HB 163, New Mexico will become the first state in many years to reduce its state-level sales tax rate, which the state refers to as its gross receipts tax. Application Programming Interface (API) and on demand servicesthat taxpayers and e-commerce providers may use to match addresses to GRT Location Codes and tax rates. Are also exempt from gross receipts tax of $ 6.06 per gallon use page. 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Second-Highest rate from 3.1 to 3 percent documents have been updated to reflect change... To find the document click on the location of interest Christine Chandler provisions the... Your tax adviser, are feeling the pressure of rising costs, said Rep. Christine Chandler and some. Brackets into four and reduced the second-highest rate from 3.1 to 3.. That works for you tax in New Mexico gross receipts tax deduction for feminine hygiene products from Portal... Savings or CD account that fit your criteria in new mexico gross receipts tax 2022 Portal 12, 2017 the. And standard, match the federal deductions will be collected by retailers Marketplace... The taxes owed for the 2022 - 2023 filing season '' retail sales will not affected... Deductions, both itemized and standard, match the federal deductions 3.1 to 3 percent professional found!, Taxpayer Access Point ( TAP ) TAP is the nations leading independent policy. Tax credit, worth 10 % of the documents have been updated to reflect this change April 4,,...