Enchantment State News

New Mexico collected $630 million in individual income taxes during the first quarter of 2022, a 20.7 percent increase over 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 $522 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 $3.8 billion in combined tax revenues in the previous quarter.

Type of Tax	Amount (millions)
Property Taxes	$51
Sales and Gross Receipts Taxes	$1,077
Income Taxes	$782
License Taxes	$100
Other Taxes	$1,055

Source: U.S. Census Bureau