New Mexico collected $99 million in license taxes during the fourth quarter of 2024, according to the U.S. Census Bureau’s Quarterly Summary of State and Local Taxes.
This represents a 4.2% increase over the same quarter the previous year, when license tax revenue was $95 million.
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 state governments.
Overall, New Mexico collected $3.3 billion in combined tax revenues in Q4.
Q4 New Mexico Tax Collections
| Type of Tax | Amount (millions) |
|---|---|
| Sales and Gross Receipts Taxes | $1,243 |
| Other Taxes | $1,175 |
| Income Taxes | $760 |
| License Taxes | $99 |
| Property Taxes | $5 |
