New Mexico collected $1.2 billion in sales and gross receipts 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 6% decrease from the previous quarter, when sales and gross receipts tax revenue was $1.3 billion.
Sales and gross receipt taxes include taxes on licenses, alcohol, amusements, insurance, fuel, parimutuels, public utilities, and tobacco products.
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.
| Type of Tax | Amount (millions) |
|---|---|
| Income Taxes | $760 |
| License Taxes | $99 |
| Other Taxes | $1,175 |
| Property Taxes | $5 |
| Sales and Gross Receipts Taxes | $1,243 |
