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Friday, November 22, 2024

New Mexico ranks 29th in the U.S. for the most insurance premiums sales tax paid in 2021

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In 2021, New Mexico collected $235.1 million in insurance premiums sales tax, ranking it 29th in the United States, according to the U.S. Census Bureau's Annual Survey of State Government Tax Collections (STC).

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 cautions it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments.

Below is a breakdown of how taxes were classified by the bureau and how much was collected.

U.S. insurance premiums sales tax by State in 2021
RankStateAmount
1California$3,116,772,000
2Texas$2,699,643,000
3New York$2,078,985,000
4Florida$1,491,831,000
5Tennessee$1,108,673,000
6Louisiana$1,004,261,000
7Pennsylvania$852,301,000
8Maryland$757,839,000
9North Carolina$725,207,000
10Washington$683,639,000
11Arizona$680,245,000
12Ohio$666,671,000
13Minnesota$650,137,000
14New Jersey$639,103,000
15Virginia$551,005,000
16Georgia$538,106,000
17Massachusetts$537,405,000
18Illinois$513,239,000
19Nevada$489,269,000
20Alabama$468,162,000
21Kansas$450,742,000
22Oklahoma$448,883,000
23Missouri$447,949,000
24Mississippi$397,786,000
25Michigan$349,170,000
26Colorado$347,690,000
27Arkansas$310,009,000
28South Carolina$273,744,000
29New Mexico$235,054,000
30Indiana$234,753,000
31Wisconsin$226,531,000
32Hawaii$191,516,000
33Kentucky$187,041,000
34Connecticut$181,373,000
35Utah$165,995,000
36Rhode Island$146,288,000
37Iowa$143,752,000
38Montana$138,905,000
39New Hampshire$138,900,000
40District of Columbia$133,546,000
41Delaware$123,324,000
42Idaho$118,439,000
43West Virginia$118,061,000
44Maine$101,947,000
45South Dakota$90,063,000
46Nebraska$69,558,000
47Vermont$63,343,000
48Alaska$61,558,000
49North Dakota$59,178,000
50Oregon$49,633,000
51Wyoming$36,231,000
Source: U.S. Census Bureau

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