What are gross receipts tax rates and how are they determined?
The gross receipts tax rate varies throughout the state from 5.125% to 8.8675%. The total rate is a combination of rates imposed by: State of New Mexico; State of New Mexico; – New Mexico counties, and New Mexico municipalities.View the current Gross Receipts Tax Rate Schedule. The total gross receipts tax is paid to the state, which keeps its portion and distributes the counties’ and municipalities’ portions to them. Because the combined gross receipts tax rate can change in January and July of every year, we issue a new tax rate schedule semiannually and include it in the CRS-1 Filer’s Kit . Always check the front cover of the current Filer’s Kit and the Gross Receipts Tax Rate Schedule (link in the preceding paragraph) to see if the rate for your business location(s) has changed.
