New Mexico – Overview of Gross Receipts and Compensating Taxes

SALT Report 2906 – The New Mexico Taxation and Revenue Department released a publication that discusses the gross receipts and compensating taxes. The publication includes a description of gross receipts and compensating taxes; exemptions, deductions and credits available for each type of tax; how and when to report and pay these taxes; account notices issued by the Department; and, lastly, answers to some of the most common questions asked by taxpayers.

The provisions in this publication are effective from July 1, 2013 through June 30, 2014.

For Further Information

New Mexico Taxation and Revenue Department – FYI 105