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
This represents a 40.5% increase over the same quarter the previous year, when sales and gross receipts tax revenue was $936 million.
Sales and gross receipt taxes include taxes on licenses, alcohol, amusements, insurance, fuel, parimutuels, public utilities, and tobacco products.
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 it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments. Also, not all states collect all types of taxes.
Overall, New Mexico collected $3.1 billion in combined tax revenues in Q1.
| Type of Tax | Amount (millions) |
|---|---|
| Income Taxes | $729 |
| License Taxes | $101 |
| Other Taxes | $929 |
| Property Taxes | $57 |
| Sales and Gross Receipts Taxes | $1,315 |
Source: U.S. Census Bureau
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