New Mexico Tax Department Publishes Sales Tax Information on Gross Receipts Tax for Transportation Industry

The New Mexico Taxation and Revenue Department Aug. 1 published information on gross receipts tax for transportation industries for sales and use tax purposes. The gross receipts tax is a combination of the state gross receipts tax at 5.125 percent and municipal and county local option taxes. The publication provides special instructions for taxpayers who transport persons or property for hire by railroad, motor vehicle, air transportation, or other means and outlines the procedures for calculating their gross receipts tax. The information includes: 1) reporting requirements for taxpayers providing transportation services within the state; 2) the reporting of a correct ...