New Mexico collected $470 million in individual income taxes during the first quarter of 2025, a 31.3% decrease from the fourth quarter of 2024, according to the U.S. Census Bureau’s Quarterly Summary of State and Local Taxes.
The previous quarter’s individual income tax revenue was $684 million.
Individual income taxes are based on net personal income and taxes imposed on such income as dividends, interest, and income from intangibles.
In addition to detailed tax revenue data from each state, the Quarterly Summary of State and Local Government Tax Revenue includes an estimate of state and local government tax revenue at a national level.
The Census Bureau cautions that it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments.
Overall, New Mexico collected $3.8 billion in combined tax revenues in the first quarter of 2025, an increase from the $3.3 billion collected in the previous quarter.
During 2024, the U.S. government collected a total of $4.92 trillion in revenue. Individual income taxes were the biggest contributor, generating $2.4 trillion, nearly half of all revenue collected. Payroll taxes came in second, adding around $1.7 trillion to revenue. The third largest source was corporate income taxes, generating $530 billion.
| Type of Tax | Amount (millions) |
|---|---|
| Property Taxes | $57 |
| Sales and Gross Receipts Taxes | $1,512 |
| Individual Income Taxes | $470 |
| Corporation Net Income Taxes | $349 |
| License Taxes | $106 |
| Other Taxes | $1,266 |
Source: U.S. Census Bureau
