New Mexico imposes a leased vehicle surcharge on the lease of a vehicle to another person by a person engaging in business in New Mexico when the lease is subject to the leased vehicle gross receipts tax (Section 7-14A-3.1 NMSA 1978). The surcharge is $2.00 for each...
New Mexico imposes a liquor excise tax on wholesalers who sell alcoholic beverages. The rate of tax varies according to the type and amount of alcoholic beverage sold as detailed below: spirituous liquors – $1.60 per liter spirituous liquors produced by a craft...
The local liquor excise tax is imposed on retailers who sell alcoholic beverages or possess them for sale in a New Mexico county or municipality that elects to impose the tax. Currently, McKinley County is the only county in New Mexico that has elected to impose the...
Motor Vehicle Excise Tax (MVET) The Motor Vehicle Excise Tax applies to the sale of every motor vehicle that must be registered in the State of New Mexico. We presume that every time a vehicle is titled, a sale has occurred and the motor vehicle excise tax is due. The...
If a municipal event center is located within a specific municipality, the municipality may establish an event center surcharge by ordinance. The surcharge should not be less than five percent of each vendor contract entered into by that municipality. If the...
The natural gas processors tax is levied on processors for the privilege of operating a natural gas processing plant in New Mexico. It is measured at the plant’s inlet by the heating content of natural gas in million British thermal units (mmbtu). Deductions are...
There are five taxes that are imposed based on the taxable value of oil, natural gas, liquid hydrocarbons, carbon dioxide, helium and other non-hydrocarbon gases (“products”) severed in New Mexico. In addition, the oil and gas conservation tax applies to uranium, coal...
Anyone who makes payments of amounts derived from oil and gas production from a well located in New Mexico (remitter) to a nonresident (remittee) of New Mexico must withhold tax from those payments. There are exceptions and adjustments to the requirement to withhold...
S-corporations, limited liability companies and other pass-through entities doing business in the state must file a New Mexico income tax return. This requirement includes entities registered to do business in the state, transacting business in, into or from the...
New Mexico imposes a tax on the net income of every resident and on the net income of every nonresident employed or engaged in business in, into or from this state or deriving any income from any property or employment within this state. If you are a New Mexico...