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Source: New Mexico Taxation and Revenue Department. All releases may be subject to future revision.
When a company registers with the New Mexico Taxation and Revenue Dept. (NMTRD) they are able to indicate if they operate under more then one North American Industry Classification System (NAICS) code. However, the RP-80 (gross receipts) report classifies a company according to its "primary" NAICS code. A problem occurred when a large number of reporting forms were correctly assigned a NAICS code, but the "primary" industry box was not checked. The computer system, not finding a "primary" NAICS code indicated, put the company in the "unclassified" section on the RP-80 report.
These companies have now had their "primary" box checked, and have been moved from the "unclassified" section in the RP-80 reports to an appropriate and relevant NAICS code. Consequently, NMTRD reran the quarterly RP-80s from 1Q 2004 to 1Q 2006. These revised RP-80s have more accurate data and will give you the information you need to make better decisions.
In addition to the change noted above there has been another important change. At the beginning of FY 2005 the State instituted an accounting policy change allowed under the modified accrual basis of accounting. All revised RP-80s now reflect this change. Quarterly summaries now reflect the three months of activity within that quarter rather than the three months reported for that period. For example, previously the 1st quarter 2004 report reflected CRS returns reported to NMTRD in Jan., Feb. and Mar., which referred to Dec. 2003 and Jan. and Feb. 2004 activity. This is no longer the case. Starting with the 1st Quarter of 2004, the RP-80 reports reflect activity period. So the 1st quarter 2004 reflects Jan., Feb. and Mar. 2004 activity, which was reported to TRD in Feb., Mar. and Apr. 2004.
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