If a municipal event center is located within a specific municipality, the municipality may establish an event center surcharge by ordinance. The surcharge should not be less than five percent of each vendor contract entered into by that municipality. If the...
The natural gas processors tax is levied on processors for the privilege of operating a natural gas processing plant in New Mexico. It is measured at the plant’s inlet by the heating content of natural gas in million British thermal units (mmbtu). Deductions are...
There are five taxes that are imposed based on the taxable value of oil, natural gas, liquid hydrocarbons, carbon dioxide, helium and other non-hydrocarbon gases (“products”) severed in New Mexico. In addition, the oil and gas conservation tax applies to uranium, coal...
Anyone who makes payments of amounts derived from oil and gas production from a well located in New Mexico (remitter) to a nonresident (remittee) of New Mexico must withhold tax from those payments. There are exceptions and adjustments to the requirement to withhold...
S-corporations, limited liability companies and other pass-through entities doing business in the state must file a New Mexico income tax return. This requirement includes entities registered to do business in the state, transacting business in, into or from the...
New Mexico imposes a tax on the net income of every resident and on the net income of every nonresident employed or engaged in business in, into or from this state or deriving any income from any property or employment within this state. If you are a New Mexico...
The petroleum products loading fee (Section 7-13A-1 NMSA 1978) applies to the privilege of loading gasoline or special fuel from a rack at a refinery or a pipeline terminal in the state into a cargo tank, or for importing gasoline or special fuel for resale or...
The Property Tax Division (PTD) helps local governments in the administration and collection of ad valorem taxes in the State of New Mexico. Property taxes contribute a large portion of revenue to New Mexico’s local governments and schools annually. Three bureaus make...
The State imposes the Railroad Car Company Tax on the gross earnings of an organization as defined in Section 7-11-2C NMSA 1978 from the use or operation of railway cars within the state. “Organization” excludes a railroad company operating its own or leased lines....
The Resources Excise Tax Act consists of three taxes on activities related to natural resources in New Mexico. Natural resources include timber and mineral products but do not include oil, natural gas, liquid hydrocarbons, carbon dioxide, helium or non-hydrocarbon...