![]() The construction-specific parts of the document are relatively easy to read and understand, and contain a number of useful examples on their application. ![]() NMHBA recommends that contractors and suppliers read the GRT regulations for themselves. Here is a Flow Chart that shows who may accept an NTTC from a construction company, and when it would not be appropriate.ĭownload the GRT FAQs for contractors here.ĭownload the GRT FAQs for suppliers and sub-contractors here.Ģ013 Gross Receipts Tax Regulations for contractors, suppliers, and their accounting and tax professionals Correct use of the Non-Taxable Transaction Certificates (NTTCs) between primary contractors, sub-contractors, and suppliers is key to avoiding problems during an audit. NMHBA has prepared the documents below to assist the residential construction industry in understanding these regulations so members will be better equipped to avoid additional taxes when the NM Tax and Revenue Department (TRD) randomly audits companies. ![]() New regulations went into effect Januthat greatly impact the construction industry. Special Information for Residential Contractors, Subs & Suppliers Available Here NMHBA EVP/CEO Jack Milarch reports on how the recent law change did not totally eliminate “tax pyramiding.”Ģ013 Gross Receipts Tax Regulations Help to Limit “Tax Pyramiding” New Mexico Gross Receipts Tax – April 2012 - Contractors and Gross Receipts Tax - The Basics and The Changes. NMHBA EVP/CEO Jack Milarch explains the “ins and outs” of figuring out what the new Regulations need to consider for implementation of the new law. ![]() New Mexico Gross Receipts Tax – August 2012 - New GRT Rules: Progress Report. Some merchants, however, may require a Type 9 (purchase of tangible personal property by a governmental entity) nontaxable transaction certificate.New Mexico Gross Receipts Tax – July 2014 - Are You Paying Too Much GRT on Real Estate Commissions? How to calculate the deductible portion of a real estate commission. In most cases, the presentation of your centrally billed card bearing the legend "United States of America" should be enough to qualify for the gross receipts exemption so long as it is an applicable transaction type such as tangible property. Hotels and lodging, however, are considered intangible property and are subject to gross receipts tax. For example, centrally billed accounts are not subject to gross receipts taxes on tangible property. However, the Federal Government is only exempt from specific types of transactions in New Mexico. This is allowable, even on CBA transactions. Vendors have the ability to pass the cost of the gross receipts tax to card holders. The State of New Mexico does not directly impose State sales tax on consumers, instead it assesses a gross receipts tax on vendors. P> Additional Information or Instructions Should the hotel, merchant, or vendor have any questions, they should reach out directly to the State for clarification.Īre Travel IBA (6th digit 1, 2, 3, 4) transactions sales tax exempt? No Please work with the hotel, merchant, or vendor to confirm the requirements of the specific State. NOTE: The information below is based on available information from the State taxation authority. ![]()
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