The New Mexico Taxation and Revenue Department provides data on gross receipts and gross receipts tax collected and distributed to counties and municipalities. These are presented according to geographic area and NAICS code for industry sectors and can be found in the Department’s RP-80 and RP-500 reports. According to the New Mexico Taxation and Revenue Department, gross receipts refers to the total amount of money or other consideration received by an entity from selling property in New Mexico, leasing or licensing property employed in New Mexico, granting a right to use a franchise employed in New Mexico, performing services in New Mexico, and selling research and development services performed outside New Mexico, when the product of the service is initially used in New Mexico. In other words, gross receipts includes sales revenue plus revenue from other resources resulting from engaging in business.
New Mexico charges a gross receipts tax on persons engaged in business in the state for the privilege of doing business in the state. Tax rates vary across the state from 5.125% to 8.8125% and the rate is determined as a combination of the rates imposed by the state, the counties, and the municipalities. Gross receipts are taxable, exempt or deductible. If your receipts do not fall under any exemption or deduction, those receipts are considered taxable. On average, about 45% of New Mexico’s gross receipts are taxable.
Quarterly RP-80 reports provide gross receipts data at the 2-digit NAICS code level while the monthly RP-80 reports provide gross receipts data at the 6-digit NAICS code level. Gross receipts and taxable gross receipts data from the Quarterly RP-80 reports are provided for the state and all 33 counties at the bottom of this page.
Source: New Mexico Taxation and Revenue Department
The line graph above shows year-over-year growth in New Mexico’s quarterly gross receipts and taxable gross receipts beginning in the first quarter of 2006 to the second quarter of 2014. Growth in taxable gross receipts was positive from the first quarter of 2006 until the second quarter of 2009 where it reached its lowest decline (a negative growth of about 22%) following the recession. Since then, the year-over-year growth generally increased over time reaching its peak in the second quarter of 2011 but has been fluctuating since then reaching a negative growth rate of 1% in the second quarter of 2014. In the second quarter of 2014, state gross receipts and taxable growth receipts stood at $27.067 billion and $12.986 billion respectively.
Quarterly gross receipts and taxable gross receipts data by state and county is provided below beginning from the first quarter of 2005. Gross receipts tax data for local municipalities as well as collection and distribution data of the gross receipts which are provided in the Monthly Local Government Distribution or RP-500 reports can be found at the New Mexico Taxation and Revenue Department website.