Add to Report View Custom Report
Compensating Tax Exemption « Back to Search Results
Compensating Tax Exemption

Category: State Incentives, Tax Incentives


AGENCY: Taxation and Revenue Department
DESCRIPTION: Compensating tax is an excise tax imposed on the privilege of using property in New Mexico. When property is purchased outside New Mexico and brought into the state for use a compensating tax is due on the value of the property.
PROGRAM LOAN/STRUCTURE:
•  Maximum Program Benefits: Allows an exemption on the value of tangible personal property purchases outside New Mexico and used by a governmental entity or a business using the property for projects financed using Industrial Revenue Bonds (IRBs).
•  Rate: The compensating tax rate is 5%.
 QUALIFICATION CRITERIA/COMMENTS:
•  This exemption can only be taken by governmental entities or businesses using tangible personal property for projects financed using IRBs.
•  This exemption does not apply to the use of property that is incorporated into a metropolitan redevelopment project or the use of construction material.
•  See 7-9-14 NMSA 1978.
•  Visit the Taxation and Revenue Department homepage at http://www.state.nm.us/tax/home.htm or call the office of the Secretary at (505) 827-0951.


Request IEDC Data Sets from the GGEDC

request the complete data set

Greater Gallup Economic Development Corporation | 102 W. Hill Avenue, PO Box 1795 | Gallup, NM  87301
Phone (505) 722-2980 | Fax (505) 722-2987