New Mexico Tax Department Adopts Rules on Gross Receipts Tax Credit Related to Federal Fire Assistance

The New Mexico Tax and Revenue Department adopted rules on the tax credit against gross receipts tax for taxpayers who sell legal services to and at the request of persons eligible to receive compensation under the federal Hermit’s Peak/Calf Canyon Fire Assistance Act. The rules include: 1) providing the definition for a taxable period; and 2) claiming the credit. The rules took effect Sept. 24. [N.M. Tax’n & Revenue Dep’t, Regs. Sections 3.2.303.1, 3.2.303.2, et. al., 09/24/24 N.M. Reg.]