New Mexico's Revenue Dip: A Cause for Concern
Santa Fe News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
New Mexicos state revenues are cooling off, with a shortfall of $166.6 million in late 2021, primarily due to weaker personal and corporate income taxes. If the trend continues, revenues could drop by nearly $380 million, or 2.8%, by June. The states recent windfall, thanks to record oil production, funded new trust accounts but is now being impacted by a slowing economy, federal tax changes, and tariffs. Officials warn that this softness puts pressure on the operating reserve, which has already been tapped for emergency spending. Higher oil prices could offer some relief, but it would take months to see results. State leaders are closely monitoring these trends as they balance budgets built on the oil-fueled high, hoping for stability ahead.
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