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New Mexico Gross receipts sales tax on hospitals

By November 10, 2022Sales Tax
New Mexico Gross receipts sales tax on hospitals
The New Mexico Taxation and Revenue Department has issued a publication that explains gross receipts tax and governmental gross receipts tax changes for hospitals arising out of statutory changes enacted during the 2019 legislative session and effective July 1, 2019. The publication provides a summary overview of governmental gross receipts tax, gross receipts tax, and compensating tax as they apply to government, nonprofit, and for-profit hospitals. A list of possible exemptions or deductions that may apply to this industry is included. The changes effective July 1, 2019, made all hospitals taxable, regardless of tax status. A credit for certain hospitals was also repealed and the deduction allowed under NMSA 1978 § 7-9-73.1 was increased. The publication provides a general explanation of the changes for hospital taxation to assist taxpayers. (FYI-207: Gross Receipts Tax Information for Hospitals, N.M. Tax. and Rev. Dept., 11/01/2022.
New Mexico Gross receipts sales tax on hospitals
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