New Mexico imposes a leased vehicle surcharge on the lease of a vehicle to another person by a person engaging in business in New Mexico when the lease is subject to the leased vehicle gross receipts tax (Section 7-14A-3.1 NMSA 1978). The surcharge is $2.00 for each day each vehicle is leased. The receipts are reported on a CRS-1 Form. The tax is due on or before the twenty-fifth of the month following the month in which the taxable event occurs.
We distribute the revenue from this surcharge to the General Fund.
RPD-41146, Motor Vehicle Excise (MVET) and Leased Vehicle Gross Receipts Tax (LVGRT)
FYI-225: Short-Term Leased Vehicles
Who Must Register?
FYI-102: Information for New Businesses
FYI-105: Gross Receipts and Compensating Taxes: An Overview