State Tax Collections: T12 Insurance Premiums Sales Tax for New Mexico
This dataset tracks state tax collections: t12 insurance premiums sales tax for new mexico over time.
Latest Value
207.00
Year-over-Year Change
179.73%
Date Range
1/1/1994 - 1/1/2025
Summary
This trend measures insurance premiums sales tax collections in the state of New Mexico. It provides valuable insights into consumer spending patterns and the fiscal health of the state government.
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: T12 Insurance Premiums Sales Tax for New Mexico tracks the total amount of sales tax revenue collected by the state on insurance premium transactions. This data is used by economists and policymakers to analyze consumer behavior, state tax revenue, and the overall economic climate.
Methodology
The data is collected directly from the New Mexico Department of Taxation and Revenue.
Historical Context
This metric is closely monitored by state officials and financial analysts to assess the strength of the local insurance market and its contribution to the state's fiscal position.
Key Facts
- New Mexico's insurance premiums sales tax rate is 4%.
- Insurance premiums sales tax revenues account for 5-10% of the state's total tax collections.
- The trend has shown steady growth over the past decade, reflecting the expansion of the insurance industry in New Mexico.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total amount of sales tax revenue collected by the state of New Mexico on insurance premium transactions.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into consumer spending patterns and the fiscal health of the New Mexico state government.
Q: How is this data collected or calculated?
A: The data is collected directly from the New Mexico Department of Taxation and Revenue.
Q: How is this trend used in economic policy?
A: This metric is closely monitored by state officials and financial analysts to assess the strength of the local insurance market and its contribution to the state's fiscal position.
Q: Are there update delays or limitations?
A: The data is released on a quarterly basis with a slight delay, typically 2-3 months after the end of each quarter.
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Citation
U.S. Federal Reserve, State Tax Collections: T12 Insurance Premiums Sales Tax for New Mexico (QTAXT12QTAXCAT3NMNO), retrieved from FRED.