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FYI-202 Gross Receipts Tax and Health Care Services

FYI-202 Gross Receipts Tax and Health Care Services 2025

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The document outlines the 2023 New Mexico Net Operating Loss (NM NOL) Carryforward Schedule for Fiduciary Income Tax, detailing how taxpayers can calculate their NM NOL carryforward deductions. It provides instructions for completing the schedule, including columns for tax year, net operating loss incurred, net income before NM NOL, loss used, and carryforward amounts. The document emphasizes that NM NOLs must originate from federal net operating losses and can be carried forward for up to 19 years if incurred after January 1, 2013.

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How does net metering work in New Mexico?

Under net metering, people with solar systems can sell their excess electricity back to the utility company at a price equal to what the utility pays for its own electricity. Note that net metering is a separate system of payments from the renewable payments that utilities offer back to customers.

How to calculate GRT in New Mexico?

Calculating GRT in New Mexico involves adding the state rate (5.125%) to any local rates where your business operates. The combined rate is then applied to the total gross receipts from your sales and services.

How does GRT work in New Mexico?

The business pays the total Gross Receipts Tax to the state, which then distributes the counties and municipalities portions to them. Changes to the tax rates may occur twice a year in January or July.

What is the GRT fee in New Mexico?

Currently, combined gross receipts tax rates in New Mexico range from 5.125 percent to 9.0625 percent, depending on the location of the sale.

Do I have to pay New Mexico gross receipts tax?

If you are engaged in business in New Mexico, you must file a New Mexico tax return and pay gross receipts tax for the privilege of doing business in New Mexico.

How do you calculate gross receipts for taxes?

Gross receipts include all revenue in whatever form received or accrued (in ance with the entitys accounting method) from whatever source, including from the sales of products or services, interest, dividends, rents, royalties, fees, or commissions, reduced by returns and allowances.

What is the gross receipts tax?

Gross receipts taxes are applied to a companys gross sales, without deductions for a firms business expenses, like compensation, costs of goods sold, and overhead costs.

FYI-202 Gross Receipts Tax and Health Care Services 2025

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