State Tax Collections: T40 Individual Income Taxes for New Mexico
QTAXT40QTAXCAT3NMNO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
470.00
Year-over-Year Change
-25.40%
Date Range
1/1/1994 - 1/1/2025
Summary
This economic trend measures individual income tax collections for the state of New Mexico. It is an important indicator of a state's fiscal health and economic conditions.
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: T40 Individual Income Taxes for New Mexico metric tracks the quarterly total of individual income taxes collected by the state government. This data provides insight into consumer earnings, spending, and tax compliance within New Mexico.
Methodology
The data is collected and reported by the U.S. Census Bureau through state-level tax revenue surveys.
Historical Context
Policymakers and economists use this trend to analyze New Mexico's fiscal position and economic performance.
Key Facts
- New Mexico collects individual income taxes at a top marginal rate of 5.9%.
- Individual income taxes account for over 45% of New Mexico's total state tax revenue.
- Quarterly individual income tax collections in New Mexico averaged $336 million from 2010-2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total amount of individual income taxes collected by the state government of New Mexico on a quarterly basis.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the fiscal health and economic conditions within New Mexico, as individual income tax collections are a key revenue source for the state.
Q: How is this data collected or calculated?
A: The data is collected and reported by the U.S. Census Bureau through their quarterly state-level tax revenue surveys.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to analyze New Mexico's fiscal position, consumer income levels, and overall economic performance.
Q: Are there update delays or limitations?
A: The data is reported quarterly by the Census Bureau, so there may be a 1-2 quarter delay in the most recent figures being available.
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Citation
U.S. Federal Reserve, State Tax Collections: T40 Individual Income Taxes for New Mexico (QTAXT40QTAXCAT3NMNO), retrieved from FRED.