8/12/2023 0 Comments New mexico gross receipts taxSales outside of the State of New Mexico in interstate commerce are the second category.We recommend you send copies of your NTTC's to Taxation Department. Your department should accept NTTC's from institutional purchasers. Sales to New Mexico organizations who provide an appropriate non-taxable transaction certificate (NTTC) are the first category.Two types of sales must be reported on the governmental gross receipts tax return but are deductible from taxable receipts and are not subject to the tax: Please contact Taxation with any questions. In general, sales of copies are subject to Governmental Gross Receipts tax. Governmental gross receipts includes receipts from the sale of tangible personal property handled on consignment when sold from facilities open to the general public but excludes cash discounts taken and allowed, governmental gross receipts tax payable on transactions reportable for the period and any type of time-price differential.Īs used above, facilities open to the general public does not include point of sale registers or electronic devices at a bookstore owned or operated by a public post-secondary educational institution when the registers or devices are utilized in the sale of textbooks or other materials required for courses at the institution to a student enrolled at the institution who displays a valid student identification card. The renting of parking, docking or tie-down spaces or the granting of permission to park vehicles, tie-down aircraft or dock boats.Sale of water by a utility owned or operated by a county, municipality or other political subdivision of the state and.Refuse collection, refuse disposal or both.Performance of or admissions to recreational, athletic or entertainment services or events in facilities open to the general public.Sale of tangible personal property, other than water, from facilities open to the general public.The governor also detailed "record exports" a 4% overall growth in the last two years during her address at the economic event.GGRT is imposed on the University of New Mexico by the State of New Mexico on the following transactions: The statewide gross receipts tax rate last changed in July 2010 when the rate increased from 5% to 5.125%. That new revenue source paves the way to lower the gross receipts tax rate for the prosperity of all New Mexicans.”Īccording to the state’s Taxation and Revenue Department, the statewide rate was last decreased in 1981. “New Mexico recently expanded its gross receipts tax to include internet sales. “Reducing the gross receipts tax rate will provide valuable tax relief to New Mexico families and businesses while adding a competitive advantage for New Mexico businesses,” Taxation and Revenue Cabinet Secretary Stephanie Schardin Clarke said. The cut would reduce the gross receipts tax rate from 5.125% to 4.875%, which the governor claims would be a $145 million annual tax cut, totaling to be around $1.5 billion over 10 years. The governor announced the plan during an address at the Albuquerque Economic Forum where she outlined a 0.25% cut in the gross receipts tax rate. Michelle Lujan Grisham announced Wednesday she plans to cut gross receipts taxes statewide for the first time in 40 years.
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