Understanding the Basics of New Mexico Sales Tax The New Mexico sales tax is imposed on the retail sale of tangible personal property and specific services. Service-based businesses must also be aware that while many professional services are exempt, the sale of tangible goods incidental to a service may still be taxed.
New Mexico Wholesale Resale Certificate Rules and How to Qualify
While the responsibility shifts to the buyer to report and pay this tax, it is designed to create a level playing field. Prescription medications also usually escape sales tax, though non-prescription items often do not.
Navigating the financial landscape of New Mexico requires a clear understanding of the state’s sales and use tax structure. If a business exceeds a threshold of $100,000 in gross revenue from sales to New Mexico customers within a 12-month period, they are mandated to register with the TRD.
New Mexico Wholesale Resale Certificate Rules and Requirements
The New Mexico use tax is essentially the same rate as the sales tax and is due on items purchased outside the state for use, storage, or consumption within New Mexico. Prepared Food Taxable Food sold by restaurants for immediate consumption.
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