The Associated Press
HOBBS, N.M. (AP) - The city of Hobbs has broken another gross receipts tax record.
The Hobbs News-Sun reports the booming eastern New Mexico oil and gas town reported $7.87 million in gross receipts tax from July business activity. That amount breaks the previous record of $7.3 million set a month before.
Gross receipts are defined by the state as the total amount of money businesses receive through selling or leasing of property or goods in New Mexico, or through performance of services.
It is the fifth time in the past two fiscal years that Hobbs has collected more than $7 million in GRT revenues.
The state Taxation and Revenue Department reported there was $383 million of gross receipts in Hobbs across all industries in July, and 35 percent is directly attributable to oil and gas.