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Business Taxes
City of Las Vegas-Gross Receipts (actual collections)
Total sales
| FY1998 |
FY1997 |
Change |
| 132,926,000 |
127,911,00 |
3.9% |
San Miguel County -Gross Receipts, actual collections
| FY 2002-2003 |
FY 2001-2002 |
Change |
| $6,470,796.00 |
$6,281,316.74 |
3.02% |
Lodgers Tax Annual Receipts
| FY2003 |
$201,972 |
| FY 2002 |
$181,747 |
| FY 2001 |
$207,912 |
| FY 2000 |
$163,419 |
Sales and Use Tax
New Mexico doesn't have a sales tax but instead imposes a gross receipts
tax. The statewide rate is 5% but local options add-on rates may bring
the total to over 7%. The average currently is about 6%. The tax is imposed
on the person engaging in business; the vendor is the taxpayer and not
a collector of tax from the buyer. "Gross receipts" includes
receipts from selling property, leasing property or performing services
in New Mexico. Deductions are available for (among others) the export
of goods or services, sales of tangible for re-sale or lease, services
for re-sale (with some limitations) and sales of tangibles to governments.
A 5% compensating use tax is imposed on the use, consumption or storage
of tangible personal property of tangibles purchased outside New Mexico
for use inside the state. The sale of manufacturing equipment will be
subject to either the gross receipts tax or the compensating tax.
Gross Receipts Tax Rate
| Las Vegas |
6.625% |
| San Miguel County |
6.0625% |
| Pecos |
6.50% |
* In March of 2002, the City of Las Vegas voters approved a 1/8 of 1%
Gross Receipts Tax increase to fund Phase 2 of the City's Recreation Center.
The Gross Receipts Tax increase is 6.625% effective July 2002
New Mexico Corporate Income Tax Rate (of net taxable income, within
the state)
| Income |
Tax Rate |
| $1 - 500K |
4.8% |
| $500K - 1.0M |
$24K + 6.4% above $500K |
| 1.0M - above |
$56K + 7.6% of the excess over $1,000,000 |
Franchise Tax
New Mexico's franchise tax is $50 annually for any company, regardless
of size or assets.
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