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 the Leased Vehicle Gross Receipts Tax and Surcharge return, which can be found in the Business Taxes folder on the Forms & Publications page. The tax is due on or before the twenty-fifth of the month following the month in which the taxable event occurs.
The revenue from this surcharge is distributed to the General Fund.
FYI-225: Short-Term Leased Vehicles
Leased Vehicle Gross Receipts Tax and Surcharge return
FYI-102: Information for New Businesses