We post new tax rate schedules online and in the CRS-1 Filer’s Kit.
For Q1 2021, the election involves a comparison of Q4 2020 v. Businesses can elect to qualify using gross receipts from the immediately-preceding calendar quarter. The business pays the total gross receipts tax to the state, which then distributes the counties’ and municipalities’ portions to them.Ĭhanges to the tax rates may occur twice a year in January or July. Decline in gross receipts threshold is reduced from 50 for the 2020 ERC to 20 for the 2021 ERC. It varies because the total rate combines rates imposed by the state, counties, and, if applicable, municipalities where the businesses are located. The gross receipts tax rate varies throughout the state from 5.125% to 8.6875% depending on the location of the business. Although the gross receipts tax is imposed on businesses, it is common for a business to pass the gross receipts tax on to the purchaser either by separately stating it on the invoice or by combining the tax with the selling price. Gross receipts means the total amount of money or other consideration received from the above activities. Selling research and development services performed outside New Mexico, the product of which is initially used in New Mexico.Granting a right to use a franchise employed in New Mexico.Leasing or licensing property employed in New Mexico.Gross receipts are the total amount of money or value of other consideration received from:
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