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Monday, December 23, 2024

New Mexico collects $35 million in miscellaneous taxes during Q3 2021

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New Mexico collected $35 million in miscellaneous tax revenue during the third quarter of 2021, according to the U.S. Census Bureau’s Quarterly Summary of State and Local Taxes.

This is a decrease of 94.5% compared to the previous quarter, when New Mexico collected $635 million in such taxes.

Overall, New Mexico collected $1.6 billion in combined tax revenues in the third quarter of 2021.

During 2023, the U.S. government collected a total of $4.44 trillion in revenue. Individual income taxes were the biggest contributor, generating $2.18 trillion—nearly half of all revenue collected. Payroll taxes came in second, adding around $1.6 trillion to revenue. The third largest source was corporate income taxes, generating $420 billion.

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 (in millions of dollars)
Sales and Gross Receipts Taxes$990
Income Taxes$478
License Taxes$56
Miscellaneous Taxes$40
Property Taxes$3

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