New Mexico Receipt for Damages (General)
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How to fill out Receipt For Damages (General)?
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FAQ
EFFECTIVE July 1, 2023 The state portion of the gross receipts tax rate has been lowered from 5.000% to 4.875%, due to HB-163 from the 2022 legislative session. This change impacts all location codes across the state. Make sure to review the Gross Receipts and Compensating Tax Rate Schedule included in this packet.
An Example of Gross Receipts A gross receipts example would be if your business sold $100,000 worth of products but had $2,000 worth of returns and a $45,000 investment in the goods it sold. Your gross sales in this example would be $100,000.
Generally speaking, sales and leases of goods and other property, both tangible and intangible, are taxable. Unlike many other states, sales and performances of most services are taxable in New Mexico. Most tangible goods are also taxable with the exception of grocery items.
What is the New Mexico nexus standard? For New Mexico corporate income tax purposes, engaging in business or deriving income from property or employment in New Mexico creates nexus.
Gross receipts tax in New Mexico applies to receipts from sales of property, services (including research and development services), and tangible personal property. New Mexico GRT also applies to the right to use a franchise in the state.
A NMBTIN is a unique taxpayer ID issued by the New Mexico Department of Taxation and Revenue. It is used to report withholdings, gross receipt taxes, and any compensation you may receive. This is different from your Federal Employer Identification Number, which is also required for most business types.
Gross receipts are the total amounts the organization received from all sources during its annual accounting period, without subtracting any costs or expenses.
Compensating tax is imposed when a business or an individual uses tangible property, a service, a license or a franchise that was acquired as a result of a transaction with a person located outside the state that would have been subject to gross receipts tax if the seller had nexus in New Mexico.
