Section 7-9-4 - Imposition and rate of tax; denomination as "gross receipts tax". - New Mexico Statutes

7-9-4. Imposition and rate of tax; denomination as "gross receipts tax".

A.     For the privilege of engaging in business, an excise tax equal to five and one-eighth percent of gross receipts is imposed on any person engaging in business in New Mexico. 

B.     The tax imposed by this section shall be referred to as the "gross receipts tax".