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Friday, November 15, 2024

New Mexico's miscellaneous tax revenues down 2.7% since Q1 2023

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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 billion in miscellaneous tax revenue during the first quarter of 2023, a 2.7% decrease from the same period the previous year when $1.1 billion was reported, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

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.

Q1 2023 New Mexico Tax Collections

Type of TaxAmount (millions)
Property Taxes$54
Sales and Gross Receipts Taxes$1,193
Income Taxes$796
License Taxes$101
Miscellaneous Taxes$1,026

Source: U.S. Census Bureau

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