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When did New Mexico tax rate change?

The statewide portion of the Gross Receipts Tax (GRT), the taxes that businesses pay on the goods they sell, dropped to 4.875% effective July 1, 2023, resulting in changes to the overall rates across New Mexico.

How do you calculate gross receipts tax?

Calculate gross receipts by adding all revenue received within a tax year without subtracting returns, allowances, costs of goods sold, or any other business expenses.

Did New Mexico gross receipts tax change?

Effective July 1, 2023, the state portion of the Gross Receipts Tax will drop from the current 5% to 4.875%. That will affect the total rate in jurisdictions across New Mexico.

What is the NM gross receipts tax rate?

SANTA FE The statewide portion of the Gross Receipts Tax will drop to 4.875% on July 1, resulting in changes to the overall rates across New Mexico. The rate drop is the result of legislation signed by Gov. Michelle Lujan Grisham in 2022.