State Tax Collections: Total Taxes for New Mexico
QTAXTOTALQTAXCAT3NMNO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,761.00
Year-over-Year Change
20.66%
Date Range
1/1/1994 - 1/1/2025
Summary
This economic trend tracks total tax collections by the state government of New Mexico. It serves as an important indicator of the state's fiscal health and revenue-generating capacity.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The 'State Tax Collections: Total Taxes for New Mexico' series measures the aggregate tax revenue collected by the New Mexico state government. This metric provides insight into the state's economic and budgetary conditions, which is crucial information for policymakers, investors, and economic analysts.
Methodology
The data is collected and reported by the U.S. Census Bureau.
Historical Context
This trend is closely monitored by state officials, legislators, and budget analysts to assess New Mexico's fiscal policies and budgetary planning.
Key Facts
- New Mexico's total tax collections exceeded $8 billion in 2021.
- Tax revenue accounts for over 50% of New Mexico's state government funding.
- The state's tax collections have grown by an average of 4% annually over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total tax revenue collected by the government of the state of New Mexico, including individual income taxes, sales taxes, corporate taxes, and other state-level tax sources.
Q: Why is this trend relevant for users or analysts?
A: The state's tax collections are a crucial indicator of its fiscal health and capacity to fund public services, making this trend highly relevant for policymakers, investors, and economic analysts focused on New Mexico.
Q: How is this data collected or calculated?
A: The data is collected and reported by the U.S. Census Bureau as part of its comprehensive state government finance statistics.
Q: How is this trend used in economic policy?
A: State tax collections data is closely monitored by New Mexico's government officials, legislators, and budget analysts to assess the state's fiscal policies, revenue sources, and budgetary planning.
Q: Are there update delays or limitations?
A: The data is published quarterly by the Census Bureau, with a lag of several months, so there may be a delay in accessing the most recent figures.
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Citation
U.S. Federal Reserve, State Tax Collections: Total Taxes for New Mexico (QTAXTOTALQTAXCAT3NMNO), retrieved from FRED.