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New Mexico collected $202.4 million in corporations net income 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 |
|---|---|---|
| Selective sales and gross receipts taxes | $831,241,000 | $821,096,000 |
| Insurance premiums sales tax | $223,338,000 | $209,920,000 |
| Motor vehicle operators license | $5,004,000 | $5,154,000 |
| Taxes, NEC | $54,253,000 | $39,974,000 |
| Corporations in general license | $36,705,000 | $34,630,000 |
| Individual income taxes | $1,227,926,000 | $1,590,271,000 |
| Occupation and business license, NEC | $48,307,000 | $46,575,000 |
| Other selective sales and gross receipts taxes | $161,031,000 | $160,274,000 |
| Tobacco products sales tax | $95,080,000 | $91,489,000 |
| Alcoholic beverages sales tax | $20,061,000 | $21,000,000 |
| Motor vehicle license | $209,574,000 | $205,151,000 |
| Severance taxes | $1,415,606,000 | $1,491,507,000 |
| Public utilities sales tax | $33,791,000 | $32,792,000 |
| Corporations net income taxes | $95,556,000 | $202,367,000 |
| Amusements sales tax | $66,795,000 | $65,264,000 |
| General sales and gross receipts taxes | $3,103,765,000 | $2,863,208,000 |
| Motor fuels sales tax | $230,303,000 | $239,515,000 |
| Amusements license | $6,429,000 | $6,492,000 |
| Public utilities license | $1,710,000 | $1,619,000 |
| Hunting and fishing license | $24,645,000 | $32,824,000 |
| Pari-mutuels sales tax | $842,000 | $842,000 |
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