New Mexico levies an ad valorem tax upon the owner of each copper mineral property that is not subject to valuation and taxation under the Property Tax Code (Section 7-39-8 NMSA 1978) In general, the tax is imposed instead of property taxes on active copper production...
A corporation that generates income from activities or sources in New Mexico and must file a federal corporation income tax return or an equivalent return is subject to New Mexico Corporate Income Tax. Such corporations must file a New Mexico form CIT-1, Corporate...
Residents and nonresidents of New Mexico are subject to the Estate Tax Act, Section 7-7-1 et seq. NMSA 1978. If there is a federal requirement to file a federal estate tax return, the estate’s personal representative must file a return with the Taxation and Revenue...
Generally, a fiduciary must file an income tax return if it is a resident trust or estate that generates income, or a non-resident trust or estate that generates income from New Mexico sources. Every fiduciary who must file a federal Fiduciary Income Tax Return...
For the privilege of engaging in gaming activities in New Mexico the state imposes an excise tax known as the gaming tax. Gaming tax at 10% applies to the gross receipts of gaming device manufacturers and distributors from the sale, lease or transfer of gaming devices...
The gasoline tax is an excise tax imposed on distributors of gasoline for the privilege of receiving gasoline in New Mexico. The gasoline tax rate is $0.17 per gallon and is reported monthly by the 25th day of the month following the month in which gasoline is...
The state imposes a governmental gross receipts tax of 5.00% on the receipts of New Mexico state and local governments. The exceptions are the gross receipts of public school districts and entities licensed by the Department of Health that are principally engaged in...
Gross receipts are the total amount of money or value of other consideration received from: Selling property in New Mexico; Leasing or licensing property employed in New Mexico; Granting a right to use a franchise employed in New Mexico; Performing services in New...
The Interstate Telecommunications Gross Receipts Tax (ITGRT) applies to interstate telecommunications gross receipts of any person engaging in interstate telecommunications business in New Mexico (Section 7-9C-3 NMSA 1978). Interstate telecommunications gross receipts...
The leased vehicle gross receipts tax applies to persons engaging in business who have receipts from the short-term leasing of vehicles (Section 7-14A-3 NMSA 1978): The lease is for a term of six months or less; The vehicle is part of a fleet of five or more leased...