Adobe Stock
Adobe Stock
New Mexico collected $332.4 million in license taxes in 2019.
The STC survey includes five broad tax categories and up to 25 subcategories. Data is gathered from all 50 state governments and all dependent state-level entities.
The Census Bureau sets the tax classifications among the survey categories and cautions they may differ from the classifications set by the state governments.
Below is a breakdown of how taxes were classified by subcategory and how much was collected.
New Mexico Tax Collections 2020 vs. 2019
| Type of Tax | 2020 amount | 2019 amount |
|---|---|---|
| License taxes | $332,374,000 | $332,445,000 |
| Insurance premiums sales tax | $223,338,000 | $209,920,000 |
| Severance taxes | $1,415,606,000 | $1,491,507,000 |
| General sales and gross receipts taxes | $3,103,765,000 | $2,863,208,000 |
| Other selective sales and gross receipts taxes | $161,031,000 | $160,274,000 |
| Public utilities license | $1,710,000 | $1,619,000 |
| Motor vehicle license | $209,574,000 | $205,151,000 |
| Corporations net income taxes | $95,556,000 | $202,367,000 |
| Amusements license | $6,429,000 | $6,492,000 |
| Tobacco products sales tax | $95,080,000 | $91,489,000 |
| Taxes, NEC | $54,253,000 | $39,974,000 |
| Motor vehicle operators license | $5,004,000 | $5,154,000 |
| Alcoholic beverages sales tax | $20,061,000 | $21,000,000 |
| Hunting and fishing license | $24,645,000 | $32,824,000 |
| Property taxes | $89,284,000 | $86,754,000 |
| Public utilities sales tax | $33,791,000 | $32,792,000 |
| Occupation and business license, NEC | $48,307,000 | $46,575,000 |
| Sales and gross receipts taxes | $3,935,006,000 | $3,684,304,000 |
| Other taxes | $1,469,859,000 | $1,531,481,000 |
| Corporations in general license | $36,705,000 | $34,630,000 |
| Income taxes | $1,323,482,000 | $1,792,638,000 |
| Amusements sales tax | $66,795,000 | $65,264,000 |
| Selective sales and gross receipts taxes | $831,241,000 | $821,096,000 |
| Motor fuels sales tax | $230,303,000 | $239,515,000 |
| Individual income taxes | $1,227,926,000 | $1,590,271,000 |
| Pari-mutuels sales tax | $842,000 | $842,000 |
Alerts Sign-up