Government budget and revenue in New Mexico, United States: official figures
New Mexico's state government took in $40.2 billion in fiscal year 2024, $18,896 per resident, the highest of 50 states per person (all states: $9,318 per person). The total includes taxes, federal funds, charges and pension-fund investment income.
How much does the New Mexico state government spend?
The New Mexico state government spent $33.4 billion in fiscal year 2024, or $15,695 per resident, 2nd highest of 50 states (all states: $9,444). Spending was 52.1% higher than in fiscal year 2019 ($22.0 billion), before adjusting for inflation.
Source: U.S. Census Bureau · saved copyHow much debt does the New Mexico state government have?
New Mexico state government debt outstanding was $7.1 billion at the end of fiscal year 2024, $3,347 per resident, 25th highest of 50 states (all states: $3,248). That equals 18% of one year's general revenue; in fiscal year 2019 the debt was $7.1 billion.
Source: U.S. Census Bureau · saved copyHow much federal funding does New Mexico get?
The federal government provided $12.4 billion to the New Mexico state government in fiscal year 2024, $5,836 per resident and 30.9% of its general revenue, 15th lowest share of 50 states (all states: 34.2%).
Source: U.S. Census Bureau · saved copyWhat are federal funds to New Mexico spent on?
Public welfare programmes, mainly Medicaid, accounted for $9.2 billion or 74% of New Mexico's federal funds in fiscal year 2024, and education for $1.7 billion (14%).
Source: U.S. Census Bureau · saved copyWhat does the New Mexico state government spend its money on?
Direct state spending on public welfare was $5,041 per resident in fiscal year 2024, the highest of 50 states (all states: $3,000); higher education took $1,211 per resident and highways $560.
Source: U.S. Census Bureau · saved copyHow much does New Mexico give to local governments and schools?
25.9% of New Mexico's state general spending in fiscal year 2024 ($8.6 billion) was paid to other governments, mostly local governments and school districts, 20th highest share of 50 states (all states: 27.7%).
Source: U.S. Census Bureau · saved copyHow much tax does New Mexico collect?
New Mexico collected $14.9 billion in state taxes in fiscal year 2025, $7,028 per resident, 3rd highest of 50 states (all states: $4,503). That was 5.0% more than in fiscal year 2024 ($14.2 billion); across all states collections rose 4.3%.
Source: U.S. Census Bureau · saved copyWhat taxes does New Mexico rely on?
The individual income tax raised $2.5 billion (16.9% of state taxes, 11th lowest share of 50 states) in fiscal year 2025. The general sales tax raised $4.5 billion (30.3%, 24th lowest share of 50 states). The largest single tax was the severance tax (31.2%), followed by the general sales and gross receipts tax (30.3%).
Source: U.S. Census Bureau · saved copyDoes New Mexico have corporate, property or severance taxes?
In fiscal year 2025, in New Mexico, corporate net income tax raised $782.0 million (5.2% of state taxes); state property tax raised $125.9 million; severance tax on oil, gas, coal and minerals raised $4.7 billion (31.2% of state taxes).
Source: U.S. Census Bureau · saved copyHow much money does the New Mexico state government hold in reserves?
The New Mexico state government held $36.3 billion in cash and securities at the end of fiscal year 2024, $17,089 per resident, of which $35.5 billion was in insurance trust funds such as public employee pension systems.
Source: U.S. Census Bureau · saved copyHow New Mexico compares with other states
State government revenue per person (2024)
New Mexico ranks 1 of 50, highest first. All revenue of the state government, including insurance trust income, divided by 1 July population
| Rank | Region | State government revenue per person |
|---|---|---|
| 1 | New Mexico | $18,896 |
| 2 | North Dakota | $14,689 |
| 3 | Alaska | $14,299 |
| 4 | Hawaii | $14,000 |
| 5 | Vermont | $13,987 |
| 6 | Wyoming | $13,416 |
| 7 | New York | $13,131 |
State government spending per person (2024)
New Mexico ranks 2 of 50, highest first. Total expenditure of the state government divided by 1 July population
| Rank | Region | State government spending per person |
|---|---|---|
| 1 | Alaska | $16,962 |
| 2 | New Mexico | $15,695 |
| 3 | Vermont | $14,785 |
| 4 | New York | $13,329 |
| 5 | California | $13,228 |
| 6 | Delaware | $13,137 |
| 7 | Hawaii | $12,865 |
State government debt per person (2024)
New Mexico ranks 25 of 50, highest first. Debt outstanding at the end of the fiscal year divided by 1 July population
| Rank | Region | State government debt per person |
|---|---|---|
| 22 | Delaware | $3,510 |
| 23 | Louisiana | $3,487 |
| 24 | Illinois | $3,415 |
| 25 | New Mexico | $3,347 |
| 26 | Minnesota | $2,938 |
| 27 | South Carolina | $2,798 |
| 28 | Ohio | $2,722 |
Federal funds received by the state government per person (2024)
New Mexico ranks 2 of 50, highest first. Intergovernmental revenue from the federal government
| Rank | Region | Federal funds received by the state government per person |
|---|---|---|
| 1 | Alaska | $6,963 |
| 2 | New Mexico | $5,836 |
| 3 | Wyoming | $5,274 |
| 4 | New York | $5,019 |
| 5 | Louisiana | $4,848 |
| 6 | Kentucky | $4,685 |
| 7 | Vermont | $4,667 |
Federal funds as a share of state general revenue (2024)
New Mexico ranks 36 of 50, highest first.
| Rank | Region | Federal funds as a share of state general revenue |
|---|---|---|
| 33 | Iowa | 32.6% |
| 34 | Nevada | 31.9% |
| 35 | Minnesota | 31.0% |
| 36 | New Mexico | 30.9% |
| 37 | Illinois | 30.4% |
| 38 | Wisconsin | 30.3% |
| 39 | Washington | 30.2% |
State tax collections per person (2025)
New Mexico ranks 3 of 50, highest first.
| Rank | Region | State tax collections per person |
|---|---|---|
| 1 | Vermont | $8,075 |
| 2 | Hawaii | $7,703 |
| 3 | New Mexico | $7,028 |
| 4 | California | $6,989 |
| 5 | North Dakota | $6,902 |
| 6 | Connecticut | $6,711 |
| 7 | New York | $6,563 |
Individual income tax as a share of state taxes (2025)
New Mexico ranks 40 of 50, highest first.
| Rank | Region | Individual income tax as a share of state taxes |
|---|---|---|
| 37 | Arkansas | 21.8% |
| 38 | Mississippi | 21.7% |
| 39 | Arizona | 20.6% |
| 40 | New Mexico | 16.9% |
| 41 | North Dakota | 7.7% |
| 42 | New Hampshire | 2.7% |
| 43 | Washington | 1.4% |
General sales tax as a share of state taxes (2025)
New Mexico ranks 27 of 50, highest first.
| Rank | Region | General sales tax as a share of state taxes |
|---|---|---|
| 24 | Wisconsin | 31.0% |
| 25 | North Carolina | 30.9% |
| 26 | Rhode Island | 30.6% |
| 27 | New Mexico | 30.3% |
| 28 | Missouri | 29.7% |
| 29 | Pennsylvania | 28.5% |
| 30 | New Jersey | 27.4% |
State spending on public welfare per person (2024)
New Mexico ranks 1 of 50, highest first. Direct general expenditure on public welfare, mainly Medicaid
| Rank | Region | State spending on public welfare per person |
|---|---|---|
| 1 | New Mexico | $5,041 |
| 2 | New York | $4,868 |
| 3 | Massachusetts | $4,803 |
| 4 | Oregon | $4,799 |
| 5 | Kentucky | $4,481 |
| 6 | Alaska | $4,438 |
| 7 | Vermont | $4,164 |
More on New Mexico: overview · economy and jobs · health · education and schools · poverty and living standards · the United States
Sources
- U.S. Census Bureau: Annual Survey of State Government Finances: State Government Finances, U.S. and States, 2012-2024 (table GS00STATEFIN01, amounts in thousands of dollars), read 23 October 2026 · saved copy (SHA-256 72ff59b48414…)
- U.S. Census Bureau: Annual Survey of State Government Tax Collections: historical database, fiscal years to 2025 (thousands of dollars), read 23 October 2026 · saved copy (SHA-256 bdf560cd3d8f…)
Each saved copy is the file exactly as downloaded, kept so the figures can be checked even if the source changes. Report an error.