New Homes
  • EV Rebates and Incentives Student Programs
  • s
    • New Home Construction
  • New Homes
  • Tax Rebate Resources
  • Solar & Wind Energy Other Renewable Projects
    • Other Renewable Projects
     

    If You Manufacture a Product, You Can Now Save on Taxes

    In 2012, the New Mexico Legislature passed a law to give manufacturers a break on New Mexico Gross Receipts Taxes (NMGRT) paid to utilities. The law is intended to make New Mexico a better place to do business.

    PNM collects NMGRT from customers on bills. Under the new law, companies are gradually being exempted from the portion of their utility usage directly related to the manufacturing process. NMGRT must still be paid on nonmanufacturing uses.

    Manufacturing customers assume the responsibility for paying NMGRT directly to the state, self-reporting, and tracking which portion of their utilities is exempt. This allows PNM to eliminate all NMGRT from manufacturing customer bills.

    What you need to do to take advantage of this tax deduction

    You will need to complete and submit two forms to the N.M. Taxation and Revenue Department:

    If you have questions about the manufacturing gross receipts tax deduction, please contact your local N.M. Taxation and Revenue Department office (tax.newmexico.gov). PNM cannot provide you with tax advice.