This office lease provision states that the definitions of terms for taxes on buildings and atriums and the land on which such buildings are located including all sidewalks, plazas, streets and land adjoining to such buildings, and all replacements thereof, and constituting a part of the same tax lot or lots.
New Mexico Provision Defining the Taxable Components Falling into the Escalation Definition of Taxes
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US-OL7102
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A tax provision is comprised of two parts: current income tax expense and deferred income tax expense. A company's current tax expense is based upon current earnings and the current year's permanent and temporary differences.
The Motor Vehicle Excise Tax applies to the sale of every motor vehicle that must be registered in the State of New Mexico. We presume that every time a vehicle is titled, a sale has occurred and the motor vehicle excise tax is due. The tax is 4% of the price paid for the vehicle less any trade-in credit.
The New Mexico (NM) state sales tax rate is currently 5.125%. Depending on local municipalities, the total tax rate can be as high as 9.0625%.
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.
Compensating tax (Section 7-9-7 NMSA 1978) is an excise tax imposed on persons using property or services in New Mexico.
The tax base is the total amount of income, property, assets, consumption, transactions, or other economic activity subject to taxation by a tax authority. A narrow tax base is non-neutral and inefficient. A broad tax base reduces tax administration costs and allows more revenue to be raised at lower rates.
The state GRT was lowered July 1, 2022, for the first time in 40 years. On July 1, 2023, the GRT rate will drop again, to 4.875%. For the most part, New Mexico GRT rates are based on the location where the products were delivered or the services supplied.
New Mexico has a 5.0 percent state sales tax rate, a max local sales tax rate of 3.813 percent, and an average combined state and local sales tax rate of 7.72 percent. New Mexico's tax system ranks 22nd overall on our 2023 State Business Tax Climate Index.
