At the eleventh hour Saturday, New Mexico’s Legislature passed House Bill 6 which provides several key changes to New Mexico’s Tax Code. Among the changes:
• Marketplace providers and sellers will be subject to NM Gross Receipts Tax.
• NM will now use destination sourcing for CRS reporting purposes.
• A 10% increase in the Working Families Tax Credit.
• The Motor Vehicle Excise Tax will increase to 4.2%, up from 3%.
Please contact us if you’d like to learn more about how these changes will impact you and your business.