Audit: State potentially did not collect $193M in premium taxes

State Auditor Tim Keller

ALBUQUERQUE, N.M. (KRQE)-  An audit reveals the state potentially failed to collect at least $193 million in premium taxes from insurance companies.

On Tuesday, State Auditor Tim Keller says the State Legislature pushed for an audit of the New Mexico’s Office of the Superintendent of Insurance.

It shows that office under collected taxes from insurance providers that do business in the state.

A sample from 2010 to 2015 revealed that the state may have been underpaid at least $193 million.

“That kind of money is the equivalent of entire school district’s worth of educating our children or Medicaid reimbursements for thousands of New Mexicans,” said Keller.

Keller is urging the Superintendent of Insurance to go after the unpaid taxes.

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