Of the $7.5 billion in taxes collected by New Mexico in 2021, $343.5 million came from license taxes, a 3.3 percent increase over the previous year, according to the U.S. Census Bureau’s Annual Survey of State Government Tax Collections (STC).
The STC survey includes five broad tax categories and up to 25 subcategories. Data is gathered from all 50 state governments and all dependent state-level entities.
The Census Bureau sets the tax classifications among the survey categories and cautions they may differ from the classifications set by the state governments.
Below is a breakdown of how taxes were classified by subcategory and how much was collected.
New Mexico Tax Collections 2021 vs. 2020
| Type of Tax | 2021 amount | 2020 amount |
|---|---|---|
| Other taxes | $1,862,066,000 | $1,469,859,000 |
| Occupation and business license, NEC | $49,990,000 | $48,307,000 |
| Hunting and fishing license | $27,382,000 | $24,645,000 |
| Amusements license | $2,364,000 | $6,429,000 |
| Tobacco products sales tax | $95,230,000 | $95,080,000 |
| Income taxes | $1,351,634,000 | $1,323,482,000 |
| Property taxes | $91,813,000 | $89,284,000 |
| Public utilities sales tax | $34,757,000 | $33,791,000 |
| Severance taxes | $1,804,377,000 | $1,415,606,000 |
| Individual income taxes | $1,198,906,000 | $1,227,926,000 |
| Insurance premiums sales tax | $235,054,000 | $223,338,000 |
| Corporations in general license | $42,949,000 | $36,705,000 |
| Alcoholic beverages sales tax | $24,359,000 | $20,061,000 |
| Sales and gross receipts taxes | $3,822,575,000 | $3,935,006,000 |
| Public utilities license | $1,800,000 | $1,710,000 |
| Taxes, NEC | $57,689,000 | $54,253,000 |
| Corporations net income taxes | $152,728,000 | $95,556,000 |
| License taxes | $343,487,000 | $332,374,000 |
| Pari-mutuels sales tax | $842,000 | $842,000 |
| Motor vehicle operators license | $5,004,000 | $5,004,000 |
| Motor vehicle license | $213,998,000 | $209,574,000 |
| Selective sales and gross receipts taxes | $850,605,000 | $831,241,000 |
| Motor fuels sales tax | $230,303,000 | $230,303,000 |
| Amusements sales tax | $68,021,000 | $66,795,000 |
| General sales and gross receipts taxes | $2,971,970,000 | $3,103,765,000 |
| Other selective sales and gross receipts taxes | $162,039,000 | $161,031,000 |
Source: U.S. Census Bureau
