![]() ![]() You can also deliver NTTCs in paper form to your vendors. In place of a Type 2 NTTC, customers who are not required to register with Taxation and Revenue may be able to execute a Multijurisdictional Sales and Use Tax certificate issued by the Multistate Tax Commission or a Border States Uniform Sale for Resale certificate, as described in FYI-204: Nontaxable Transaction Certificates (NTTC’s). Please note that resale certificates issued by other states are not valid in New Mexico. After registering with Taxation and Revenue and receiving a Business Tax Identification Number, you may obtain an NTTC online through the Taxpayer Access Point (TAP). If you are a reseller, using NTTCs may exempt you from paying Gross Receipts Taxes on qualified purchases. ![]() Applicants who fall into one of these categories can request a Type 6 on our Taxpayer Access Point portal or by contacting the department at to submit new or renewal applications for Type 6 Non-taxable Transaction Certificates (NTTC).įor more information, please see bulletin B200.32, Alternative Evidence for Deductions in the Forms & Publications section of this website. CID is no longer regulating these trades and a contractor’s license is not required. ![]() The Construction Industries Division (CID)of the Regulation and Licensing Department no longer requires licensing for the following classifications as of April 1, 2016: GS-3 tile, GS-10 fencing, GS -11 fixtures cabinets and millwork, GS -12 flooring, GS -17 ornamental iron and welding, GS -18 painting, GS -22 sandblasting, GS -26 vaults and depositories and GS -28 gunite. Type 6 NTTC-Requires a contractor’s license verification. The exception to this are the deductions provided in Section 7-9-46 NMSA 1978, for which a Type 11 or Type 12 NTTC is required. Under Section 7-9-43 NMSA 1978, taxpayers can provide alternative evidence instead of an NTTC to establish entitlement to many of the deductions allowed in the Gross Receipts and Compensating Tax Act. NTTCs are conclusive evidence that proceeds from a transaction are deductible from a taxpayer’s gross receipts if the taxpayer accepts in good faith a properly executed NTTC from the purchaser. ![]() If your customer obtains an NTTC from Taxation and Revenue and executes it to you as seller or lessor, you may exempt your customer from paying Gross Receipts Tax. N certain sales or leases, your customer may buy goods or services, or lease tangible property, without being charged Gross Receipts tax. However, you also enter deductible gross receipts in the Total Deductions column and subtract them from gross receipts before tax is calculated. When you report gross receipts on a Gross Receipts Tax (GRT) return, you must include deductible gross receipts in the total reported. You need only one NTTC from a customer to cover all transactions of the same type with that customer. A Nontaxable Transaction Certificate (NTTC) obtained from the Taxation and Revenue Department allows you as a seller or lessor to deduct the receipts from qualified transactions from your gross receipts. As a seller or lessor, you may charge the gross receipts tax amount to your customer. Legal liability for New Mexico gross receipts tax is placed on sellers and lessors. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |