News release: GRT regulations hearing

Michelle Lujan Grisham

Governor

Stephanie Schardin Clarke

Cabinet Secretary

Media Contact: Charlie Moore

Charlie.Moore@tax.nm.gov

(505) 670-5406

May 31, 2024

Tax and Rev schedules hearing on new GRT regulations

Update covers short-term rentals, exemptions and other changes

SANTA FE — The Taxation and Revenue Department has scheduled a hearing on Gross Receipts Tax (GRT) regulations to clarify that short-term rentals similar to motels and hotels are subject to the tax, updating rules on an exemption for “isolated and occasional” sales and updating other elements of the GRT.

The hearing will be Thursday, June 20, 2024, at 1 p.m. on the third floor of the Montoya Building, 1100 South St. Francis Drive, Santa Fe.

People may also take part in the hearing by Zoom with the following information:

https://us02web.zoom.us/j/6586491797?pwd=eHl6YlVTYTJEZVNIenZ0S3VUV2Nudz09&omn=86021613310 Meeting ID: 658 649 1797 Passcode: 062024.

The proposed rules changes and more information about the hearing are available at tax.newmexico.gov on the “Proposed Regulations & Hearing Notices” page under the “All NM Taxes” menu.

Written comments on the proposals can be submitted by email to policy.office@tax.nm.gov or by mail to the Taxation and Revenue Department, Tax Information and Policy Office, Post Office Box 630, Santa Fe, New Mexico 87504-0630 on or by 5 p.m. Thursday, June 20, 2024.

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The Taxation and Revenue Department serves the State of New Mexico by providing fair and efficient tax and motor vehicle services. It administers more than 35 tax programs and distributes revenue to the State and to local and tribal governments throughout New Mexico.

The Department strives to reduce taxpayer burden through clearer communication, statutes, regulations, forms, correspondence and instructions.

Connect with us on tax.newmexico.gov, LinkedIn, YouTube and Twitter @NM_MVD