New Mexico collected $684 million in individual income taxes during the fourth quarter of 2024, a 3.5% decrease from the third quarter of 2024, according to the U.S. Census Bureau’s Quarterly Summary of State and Local Taxes.
The previous quarter’s individual income tax revenue was $709 million.
Individual income taxes are based on net personal income and taxes imposed on such income as dividends, interest, and income from intangibles.
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.
Overall, New Mexico collected approximately $3.3 billion in combined tax revenues in the fourth quarter of 2024, which is nearly identical to the amount collected in the previous quarter.
| Type of Tax | Amount (millions) |
|---|---|
| Property Taxes | $5 |
| Sales and Gross Receipts Taxes | $1,243 |
| Individual Income Taxes | $684 |
| Corporation Net Income Taxes | $76 |
| License Taxes | $99 |
| Other Taxes | $1,175 |
Source: U.S. Census Bureau
