The New Mexico Taxation and Revenue Department has released the July-December 2023 edition of its Gross Receipts Tax filer’s kit, which includes a new lower statewide Gross Receipts Tax (GRT) rate and other changes. The state portion of the GRT will decrease from 5% to 4.875%, effective July 1, 2023. This will impact the total rate in jurisdictions across New Mexico. The kit features a table containing the total rates for different localities. The lower rate was passed by the 2022 Legislature and signed into law by Governor Michelle Lujan Grisham.
Taxpayers who have received printed filer’s kits in the past will no longer receive them automatically through the mail. However, the filer’s kit is available online at tax.newmexico.gov. Taxpayers who don’t have computer access can pick up paper kits at any Taxation and Revenue district field office (or order one) by calling 505-827-6851. According to the department, the Gross Receipts Tax rates can change twice a year, on January 1 and July 1. The July to December 2023 rate tables are available on the Gross Receipts Location Code and Tax Rate Map page at tax.newmexico.gov. Taxpayers are advised to use the Taxpayer Access Point online portal at tap.state.nm.us for filing GRT returns.
Find the kit on the Forms & Publications link at tax.newmexico.gov by clicking on the Business Taxes folder, then Gross Receipts Tax.
REDW’s trusted State and Local Tax advisors are standing by for your questions. Contact us.
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