August 7, 2026 By Business DailyIn 2024, New Mexico generated $13.7 billion in total tax revenue, of which $1.1 billion came from selective sales and gross receipts taxes. This amount reflects a decrease from the prior year, when the revenue from these taxes was higher, according to the U.S. Census Bureau's Annual Survey of State Government Tax Collections (STC). The State Government Tax Collections (STC) survey tracks five major tax categories and up to 25 subcategories, gathering data from all 50 state governments and their dependent agencies. In 2024, state tax collections alone amounted to nearly $1.5 trillion nationwide, representing a significant part of overall government operations. New Mexico Tax Collections 2024 vs. 2023