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Get a handle on gross receipts tax if doing business in New Mexico

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By Finance New Mexico

Anyone who operates a business in New Mexico is familiar with the gross receipts tax, or GRT — a tax not on sales but on companies and people who do business here.
Unlike a sales tax, the GRT is imposed on the seller of property or services. It is not a tax the seller collects from the buyer and delivers to the state; it’s due even if the seller doesn’t charge the buyer.
The tax is imposed on the gross receipts of businesses or people who sell property, perform services, lease or license property or license a franchise in New Mexico. The same goes for those who sell research and development services performed outside New Mexico when the resulting product is initially used here.
“Gross receipts” are the total amount of money or other consideration received from the activities covered in the tax law. They include sales of property handled on consignment and commissions received.  
But they exclude GRT billed to the buyer, as that would constitute taxing a tax. Also excluded are cash discounts; taxes imposed by a Native American tribe or pueblo that is exempt from New Mexico GRT; interest or other types of time-price differentials; or amounts received solely on behalf of another in a disclosed-agency capacity — like an in-state florist who fulfills an order placed with an out-of-state company.


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