New Mexico Priority of Proposed Operations
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General Fund Revenue Sources. Gross Receipts Taxes ? Taxes collected on the gross receipts (total money taken in) of a business or service provider. It is usually passed along to the consumer. Compensating Tax ? A tax on goods that are bought out-of-state for use in New Mexico. A Guide to New Mexico's Tax System nmvoices.org ? archives nmvoices.org ? archives
What is New Mexico's Gross Domestic Product (GDP)? In 2023, New Mexico's GDP reached $96.5b, representing an increase of 15.6k% from 2022. New Mexico's GDP has grown at an annualized rate of 1.8% over the five years to 2023. New Mexico Economic Trends, Stats & Rankings | IBISWorld ibisworld.com ? economic-profiles ? new-m... ibisworld.com ? economic-profiles ? new-m...
New Mexico's largest spending areas per capita were public welfare ($3,953) and elementary and secondary education ($1,947). The Census Bureau includes most Medicaid spending in public welfare but also allocates some of it to public hospitals.
It does not have inheritance tax, estate tax or franchise taxes. While New Mexico does not have a state sales tax it does have a statewide "gross receipts tax", which is commonly passed on to the consumer by businesses just like a normal sales tax. Its state income tax ranges from 1.7% to a maximum of 4.9%. Taxation in New Mexico - Wikipedia wikipedia.org ? wiki ? Taxation_in_New_Mexi... wikipedia.org ? wiki ? Taxation_in_New_Mexi...
In April, New Mexico Governor Michelle Lujan Grisham signed the state budget for fiscal 2024. The budget totals $9.57 billion in recurring general fund spending, a 14 percent increase over fiscal 2023 levels. New Mexico - Nasbo Nasbo ? resources ? newmexico-budget Nasbo ? resources ? newmexico-budget
Unlike most other states, New Mexico currently does not require sole proprietorships to register their DBAs with the state. There is no registration process or requirements on either a state or local level.
