Tax Reporting Change: Location Code 02-701

This reporting update ensures that tax revenue generated in Downtown stays in Downtown by creating dedicated funding for local improvements such as lighting, sidewalks, business support programs, beautification, and housing development.

Does This Apply To You?

If your business operates, provides services, or conducts taxable activity within the Downtown TIF boundary, this change applies to you.

The New Location Code 02-701 applies to:

• Any business with a physical location in Downtown, including franchises
• Any business that provides services to customers in Downtown
• Anyone who rents or sells a property in Downtown
• Any construction or construction-related services in Downtown

View the interactive map to confirm whether your activity falls within the TIF district.

This change does not affect the tax rate; it only changes the reporting code used during tax filing. 

What You Need To Do

Beginning July 1, 2025, use Location Code: 02-701 when reporting gross receipts tax for Downtown-related business activity.

How to File:

Use the State of New Mexico's Taxpayer Access Point (TAP) portal or any approved GRT reporting method.

Why it Matters:

Using the correct location code ensures local tax revenue is captured and reinvested back into Downtown. These investments may include:

• Improved lighting and streetscapes
• More boutique grants for businesses
• Beautification projects
• Infrastructure improvements, such as better sidewalks and public amenities
• New housing

Need Help?

Explore the map and access resources below to determine if your business falls within the TIF boundary.

Contact NM Taxation & Revenue for filing assistance:
Phone: 1-866-285-2996
Address: 10500 Copper Ave. NE, Suite C, Albuquerque, NM 87123