12/11/202020-16 On October 21, 2019, the Department issued an assessment to the Taxpayer as a successor in business. On January 17, 2020, the Taxpayer filed a timely protest. The Taxpayer argued that their business was not a successor in business to the father’s...
11/13/202020-15 On March 8, 2018, the Department issued two Notices of Assessments to each Taxpayer. On June 4, 2018, the Taxpayer’s counsel submitted a timely protest with the Department for each notice and demand for payment. The two protests were consolidated as...
The 911 Emergency Services (E-911) Surcharge at a rate of $.51 is payable by all telecommunication companies who provide wire access or wireless lines capable of originating a 911 call. The surcharge is intended to produce an amount necessary to meet annual debt...
New Mexico imposes an alternative fuel tax on distributors of alternative fuel. Alternative fuel is defined as liquefied petroleum gas (LPG), compressed natural gas (CNG), liquefied natural gas (LNG) or a water-phased hydrocarbon fuel emulsion (for example, A55) for...
Section 60-2F-21 NMSA 1978 of, the New Mexico Bingo and Raffle Act, (effective July 1, 2009) imposes a bingo and raffle tax. If the tax applies to you, the information below may be helpful. For tax periods beginning on or after July 1, 2009, use form RPD-41345, New...
The State imposes an excise tax for the privilege of selling, giving or consuming cigarettes in New Mexico (Section 7-12-3 NMSA 1978). Certain exemptions and deductions apply. A New Mexico cigarette stamp affixed to the package is evidence that the distributor,...
Compensating tax (Section 7-9-7 NMSA 1978) is an excise tax imposed on persons using property or services in New Mexico. This tax is also called “use tax,” or “buyer pays.” Compensating tax helps to protect New Mexico businesses from unfair competition from...
Owners of coal, uranium or geothermal energy in New Mexico are subject to the conservation tax established by Section 7-30 NMSA 1978. The taxable value of coal is determined under Section 7-25-3 NMSA after royalties paid or due to any Indian tribe, Indian pueblo, or...
New Mexico levies an ad valorem tax upon the owner of each copper mineral property that is not subject to valuation and taxation under the Property Tax Code (Section 7-39-8 NMSA 1978) In general, the tax is imposed instead of property taxes on active copper production...
A corporation that generates income from activities or sources in New Mexico and must file a federal corporation income tax return or an equivalent return is subject to New Mexico Corporate Income Tax. Such corporations must file a New Mexico form CIT-1, Corporate...