NM General Contractor Practice Questions - New Mexico General Contractor Exam

What is the NM gross receipts tax (GRT) and how does it affect contractors?

A tax on gross receipts from construction services, similar to a sales tax, that varies by location A flat 5% tax on all construction materials A federal tax on contractor profits A tax only on residential construction

Correct Answer:

A tax on gross receipts from construction services, similar to a sales tax, that varies by location

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