New Mexico Sample Letter for Tax Exemption - Review of Sample Letter Received from Tax Collector
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How to fill out Sample Letter For Tax Exemption - Review Of Sample Letter Received From Tax Collector?
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FAQ
501(c)(3) groups are primarily religious, charitable or educational in purpose. New Mexico views 501(c)(3) nonprofit organiza- tions as engaging in business. The exemptions the state grants are for property tax, income tax, and gross receipts tax.
These tax-exempt goods include gasoline, groceries, durable medical equipment, prescription medications, and certain medical services. Additionally, there are certain customers that are exempt from the gross receipts tax, such as nonprofits, government agencies, and merchants buying goods for resale.
An exempt receipt is not taxable and does not require reporting. The more common organizations to which exemptions apply are governmental agencies, non-profit (501(c)(3)) organizations, homeowners associations, and social organizations.
Gross receipts do not include the following: taxes collected for and remitted to a taxing authority if included in gross or total income (such as sales or other taxes collected from customers and excluding taxes levied on the concern or its employees);
Receipts, whether in the form of commissions or other remuneration, of the person performing a sales service in New Mexico are gross receipts of the person performing the sales service.
New Mexico does not have a renewal requirement for sales tax exemption, but organization information most be kept up to date.
Exemptions are available for qualifying homeowners. If a homeowner disagrees with a property valuation, remedies are available as described under Section 7-38-21 NMSA 1978. View more information about Property Tax Division. Click on the link to locate contact information for your County Official.
New Mexico considers you a tax-exempt organization if the federal government has first granted the status to you under Section 501(c) of the Internal Revenue Code with a classification as an educational or social entity. Your gross receipts may be exempt from gross receipts tax under Section 7-9-29 NMSA 1978.
