New Mexico sales tax codes and rates
New Mexico's state sales tax rate is 4.875%; county and city rates come on top and are not included. A Nefin company that sells into New Mexico gets 2 sales codes, each named after the line of the TRD-41413 / TRD-41412 it fills, so the return's figures add up as you invoice. Purchases you owe use tax on go under NM-41412-G, and Nefin works out the use tax due.
New Mexico codes from the TRD-41413 / TRD-41412
Each code is “NM-” plus the line it fills on the TRD-41413 / TRD-41412. Rates are the state rate only; add local rates in Settings, VAT rates, where you collect them.
| Code | What it covers | Rate |
|---|---|---|
| NM-G | NM taxable gross receipts 4.88% (4.875% rounded), state GRT (TRD-41413 Col G) | 4.88% |
| NM-F | NM GRT deductions: resale (NTTC), interstate, other (TRD-41413 Col F) | 0% |
| Code | What it covers | Rate |
|---|---|---|
| NM-41412-G | NM compensating tax, taxable value (TRD-41412 Col G) | 0% |
New Mexico in the tax books
Nefin’s sales tax book has one row per invoice and one column per TRD-41413 / TRD-41412 line; these are the New Mexico columns and the totals worked out from them.
Sales Tax Book
New Mexico - TRD-41413 / TRD-41412
- [NM-G]Taxable gross receipts (Col G)
- [NM-F]Deduction amount (Col F)
Totals Nefin calculates
- [NM-D] Gross receipts excluding tax (Col D)Sum of the net amounts in [NM-G] + [NM-F]
- [NM-I] Gross receipts tax, state 4.875% portion (Col I, local excluded)Net amount × 4.875%, from [NM-G]
Use Tax Book
New Mexico - TRD-41413 / TRD-41412
- [NM-41412-G]Taxable value (TRD-41412 Col G)
Totals Nefin calculates
- [NM-41412-I] Compensating tax, state 4.875% portion (TRD-41412 Col I, local excluded)Net amount × 4.875%, from [NM-41412-G]
Frequently asked questions
What is the New Mexico sales tax rate?
The state rate is 4.875%. Counties, cities and districts may add local rates, which vary by address and are not part of these codes.
Which New Mexico sales tax codes does Nefin set up?
2 sales codes from the TRD-41413 / TRD-41412, for example NM-G (NM taxable gross receipts 4.88% (4.875% rounded), state GRT (TRD-41413 Col G)), NM-F (NM GRT deductions: resale (NTTC), interstate, other (TRD-41413 Col F)).
How does Nefin handle New Mexico use tax?
Book a purchase on which the vendor charged no New Mexico tax under NM-41412-G (NM compensating tax, taxable value (TRD-41412 Col G)). The bill stays at the price you paid, and the use tax book works out the tax you owe at 4.875%.
Are these New Mexico codes official?
They are a starting point. Each code follows a line of the TRD-41413 / TRD-41412, but check them against your return before you file, and edit them in Settings, VAT rates.