State portion of Gross Receipts Tax drops to 4.875%
The statewide portion of the Gross Receipts Tax (GRT), the taxes that businesses pay on the goods they sell, dropped to 4.875% effective July 1, 2023, resulting in changes to the overall rates across New Mexico.
The rate drop is the result of legislation enacted in 2022, providing the first Gross Receipts Tax (GRT) rate reduction in 40 years.
“The new lower rate will help businesses and shoppers all over New Mexico,” said Taxation and Revenue Secretary Stephanie Schardin Clarke. “The state is in excellent financial condition, and this allows all New Mexicans to benefit directly.”
The new GRT Filer’s Kit for reporting Gross Receipts Tax is on the New Mexico Taxation and Revenue Department website at tax.newmexico.gov. Those without online access can call 505-827-6851.
