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...
Residents and nonresidents of New Mexico are subject to the Estate Tax Act, Section 7-7-1 et seq. NMSA 1978. If there is a federal requirement to file a federal estate tax return, the estate’s personal representative must file a return with the Taxation and Revenue...
Generally, a fiduciary must file an income tax return if it is a resident trust or estate that generates income, or a non-resident trust or estate that generates income from New Mexico sources. Every fiduciary who must file a federal Fiduciary Income Tax Return...