Tax Foundation: New Mexico ranked 7th-highest for tax collections in FY 2023

The amount of money that continues to pour into New Mexico’s budgets is stunning. A recent report from Tax Foundation highlights just how rapidly New Mexico’s state and local tax collections have risen in recent years. The chart below is for FY 2023 (we are currently in FY 2027, so this is somewhat new data, but delayed by nearly 4 years). New Mexico has the 7th-most state/local tax collections among US states.

But then you realize that just two years earlier in FY 2021, New Mexico ranked 29th in the same category, you realize that New Mexico has no excuses for its ongoing economic failures.

Also worth noting is the fact that federal and state tax collections have jumped from $5,173 to $8,953 per capita. We are also 4 fiscal years further into the oil and gas boom which has seen New Mexico tax collections rise quickly.