The gross receipts tax rate was decreased by .125 percent by the State of New Mexico effective July 1, 2022. The decrease affects every business and purchaser in the state. Often thought of as a sales tax, GRT is slightly different because it applies to the sale of services, as well as tangible items.

The GRT rate in any location is comprised of the state rate, which went from 5.125 percent to 5.0 percent, plus local option rates that have been assessed by municipalities, counties, water districts, and other local authorities. GRT rates in the state now range from 5.375 percent in unincorporated areas of Lincoln and Lea counties, to 9.3125 percent in the Village of Taos Ski Valley.

The new GRT table can be found here, and all previous GRT tables are at www.tax.newmexico.gov.

Businesses are reminded that in July 2021, the state changed to “destination-sourced” GRT, which requires most businesses to calculate and report GRT based on where their goods or the product of their services are delivered.

In-person GRT workshops have been suspended, but the Tax and Revenue Department offers access to Zoom recordings of previous workshops.