New Mexico taxpayers no longer need code for Gross Receipts Tax

NEW MEXICO (KRQE) – Taxpayers will no longer be required to enter a specific code for most Gross Receipts Tax deductions. The New Mexico Taxation and Revenue Department says the change comes as the old system confused taxpayers with many filing deductions with wrong codes.

When taxpayers visit tap.state.nm.us the dropdown menu will only features codes beginning with ‘DO.’ As of July 1, 2023, the new tax rate on GRT taxes was lowered from 5% to 4.875%.

For information on what transactions are eligible for GRT, there is a GRT filers kit that taxpayers can use to find all information on GRT. The GRT filers kit can be found using this link.