Out of the $14.4 billion in total tax revenue collected by New Mexico in 2023, $388.6 million came from insurance premiums sales taxes, representing an increase from the previous year, when the total was $235.9 million, according to the U.S. Census Bureau’s Annual Survey of State Government Tax Collections (STC).
The State Government Tax Collections (STC) survey tracks five major tax categories and up to 25 subcategories, gathering data from all 50 state governments and their dependent agencies.
The Census Bureau notes that it defines tax classifications consistently across states, which may differ from how individual states categorize them.
According to the U.S. Census Bureau, state and local governments collect a wide range of taxes to fund public programs and services. These revenues are typically allocated to areas such as transportation, education, and public safety. In 2024, state tax collections alone amounted to nearly $1.5 trillion nationwide, representing a significant part of overall government operations.
Below is a breakdown of how taxes were classified by subcategory and how much was collected.
| Type of Tax | 2023 amount | 2022 amount |
|---|---|---|
| Severance taxes | $5,295,401,000 | $4,670,918,000 |
| General sales and gross receipts taxes | $4,181,396,000 | $3,470,245,000 |
| Individual income taxes | $2,646,300,000 | $2,172,165,000 |
| Selective sales and gross receipts taxes | $1,121,854,000 | $895,929,000 |
| Corporation net income taxes | $444,335,000 | $490,786,000 |
| Insurance premiums sales taxes | $388,600,000 | $235,866,000 |
| Motor fuels sales taxes | $322,166,000 | $266,949,000 |
| Motor vehicle license taxes | $227,525,000 | $223,076,000 |
| Other selective sales and gross receipts taxes | $201,221,000 | $163,272,000 |
| Other taxes, NEC | $123,609,000 | $46,987,000 |
| Other license taxes | $108,592,000 | $102,297,000 |
| Tobacco products sales taxes | $81,200,000 | $101,968,000 |
| Amusements sales taxes | $66,700,000 | $69,276,000 |
| Occupation and businesses license taxes | $53,992,000 | $52,214,000 |
| Public utilities sales taxes | $36,615,000 | $35,695,000 |
| Hunting and fishing license taxes | $32,676,000 | $29,415,000 |
| Alcoholic beverages sales taxes | $24,400,000 | $21,719,000 |
| Motor vehicle operators license taxes | $16,392,000 | $13,550,000 |
| Corporations in general license taxes | $2,678,000 | $2,212,000 |
| Amusements license taxes | $2,254,000 | $2,175,000 |
| Public utilities license taxes | $1,947,000 | $1,856,000 |
