Of the $7.5 billion in taxes collected by New Mexico in 2021, $235.1 million came from insurance premiums sales tax, a 5.2 percent increase over the previous year, according to the U.S. Census Bureau’s Annual Survey of State Government Tax Collections (STC).
New Mexico collected $223.3 million in insurance premiums sales tax in 2020.
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.
| Type of Tax | 2021 amount | 2020 amount |
|---|---|---|
| Motor fuels sales tax | $230,303,000 | $230,303,000 |
| Selective sales and gross receipts taxes | $850,605,000 | $831,241,000 |
| Severance taxes | $1,804,377,000 | $1,415,606,000 |
| Corporations net income taxes | $152,728,000 | $95,556,000 |
| Other selective sales and gross receipts taxes | $162,039,000 | $161,031,000 |
| Insurance premiums sales tax | $235,054,000 | $223,338,000 |
| Motor vehicle license | $213,998,000 | $209,574,000 |
| Tobacco products sales tax | $95,230,000 | $95,080,000 |
| Public utilities license | $1,800,000 | $1,710,000 |
| General sales and gross receipts taxes | $2,971,970,000 | $3,103,765,000 |
| Taxes, NEC | $57,689,000 | $54,253,000 |
| Public utilities sales tax | $34,757,000 | $33,791,000 |
| Motor vehicle operators license | $5,004,000 | $5,004,000 |
| Hunting and fishing license | $27,382,000 | $24,645,000 |
| Amusements license | $2,364,000 | $6,429,000 |
| Alcoholic beverages sales tax | $24,359,000 | $20,061,000 |
| Individual income taxes | $1,198,906,000 | $1,227,926,000 |
| Amusements sales tax | $68,021,000 | $66,795,000 |
| Corporations in general license | $42,949,000 | $36,705,000 |
| Pari-mutuels sales tax | $842,000 | $842,000 |
| Occupation and business license, NEC | $49,990,000 | $48,307,000 |
Source: U.S. Census Bureau
