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Monday, December 23, 2024

Q3 2021: New Mexico's combined tax revenues down 32.6% since Q2 2021

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Stephanie Schardin Clarke Tax Commissioner at New Mexico Taxation and Revenue Department | New Mexico Taxation and Revenue Department

Stephanie Schardin Clarke Tax Commissioner at New Mexico Taxation and Revenue Department | New Mexico Taxation and Revenue Department

New Mexico collected $1.6 billion in total tax revenues during the third quarter of 2021, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

These tax revenues stem from various sources, including property tax, sales and gross receipts tax, licenses, income tax, and miscellaneous tax.

The majority of the state’s tax revenue was collected through general sales and gross receipts taxes ($990 million) and income taxes ($478 million).

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.

Q3 2021 New Mexico Tax Collections
Type of TaxAmount (millions)
Sales and Gross Receipts Taxes$990
Income Taxes$478
License Taxes$56
Other Taxes$40
Property Taxes$3

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