On December 19, 2023, the New Mexico Taxation and Revenue Department (NM TRD) adopted final rules clarifying the taxation of receipts from digital advertising services. The rules also modified the definition of “engaging in business” and clarified the sourcing for those receipts. The new and amended rules took effect on the same date. Specifically, new rule NMAC Section 3.2.213.13 outlines when receipts from digital advertising services are taxable, while amendments to NMAC Section 3.1.4.13 and NMAC Section 3.2.1.12 provide details on taxable and deductible receipts, sourcing rules, and the definition of “engaging in business” for taxpayers with an economic nexus with the state.
Source EY
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