New Mexicans to start paying more taxes next week

Albuquerque News

ALBUQUERQUE, N.M. (KRQE)- New Mexicans will start to notice new taxes while shopping with the biggest change will be for online shopping. This all comes as part of a tax package approved in the legislative session.

Those in favor of House Bill 6 say that the changes will cover the costs of increased education spending. The public will pay more when buying a car or a pack of cigarettes.

Retailers are urging people to buy now to avoid the taxes that go into effect on Monday. According to the Albuquerque Journal, revenue that comes from the increased tax on vehicle sales, around $50 million per year, will be used towards road projects in southeastern New Mexico.

Customers will have to pay the state tax on all purchases including online. Companies with sales above $100,000 per year to customers from New Mexico will now have to charge the statewide gross receipts tax 5.125%. Supporters say it’s a way to level the playing field for local businesses.

Copyright 2021 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Latest Video

Now Trending on

Albuquerque Hourly Forecast

Don't Miss


Photo Galleries


News Resources