New Mexico collected $470 million in individual income taxes during the first quarter of 2025, according to the U.S. Census Bureau’s Quarterly Summary of State and Local Taxes.
Individual income taxes are based on net personal income and taxes imposed on such income as dividends, interest and income from intangibles.
Overall, New Mexico collected $3.8 billion in combined tax revenues in the first quarter of 2025.
In fiscal year 2024, the U.S. government collected nearly $5.1 trillion in tax revenue, with individual income taxes as the largest contributor, followed by payroll and corporate taxes. The IRS also collected $98 billion in enforcement revenue and distributed $553 billion in refunds and other outlays.
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.
| Type of Tax | Amount (millions) |
|---|---|
| Property Taxes | $57 |
| Sales and Gross Receipts Taxes | $1,512 |
| Individual Income Taxes | $470 |
| Other Income Taxes | $349 |
