New Mexico Tax Department Publishes Gross Receipts, Compensating Tax Rate Schedule Effective Jan. 1, 2023

The New Mexico Taxation and Revenue Department Oct. 1 published the gross receipts and compensating tax rate schedule, effective Jan. 1, 2023, through June 30, 2023, for sales and use tax purposes. The publication includes: 1) the rates applicable in various municipalities or counties along with their location codes; 2) the state gross receipts tax rate of 5 percent; and 3) a special tax rate of 5 percent for out-of-state businesses providing research and development services and for all other out-of-state businesses. [N.M. Tax’n & Revenue Dep’t, Gross Receipts & Compensating Tax Rate Schedule, 10/01/22]

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