Enchantment State News

New Mexico collected $339 million in individual income taxes during the third quarter of 2021, a 39.1 percent decrease from the previous quarter, according to the U.S. Census Bureau’s Quarterly Summary of State and Local Taxes.

The previous quarter’s income tax revenue was $557 million.

Individual income taxes are based on net personal income and taxes imposed on 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 $2.3 billion in combined tax revenues in the previous quarter.

Type of Tax	Amount (millions)
Property Taxes	$3
Sales and Gross Receipts Taxes	$990
Income Taxes	$478
License Taxes	$56
Other Taxes	$40

Source: U.S. Census Bureau