New Mexico’s oil income investments now surpass personal income tax revenue

Associated Press

SANTA FE, N.M. (AP) — For the first time, New Mexico’s investment income is expected to surpass its revenue from personal income taxes. A new financial forecast Monday says New Mexico will bring in a record-setting $13.6 billion in general fund income for the fiscal year that runs from July 2025 to June 2026. State government income linked to oil production is growing — though at a slower pace — as legislators discuss new investments in social programs aimed at curbing crime and homelessness. Next year’s income bump leaves room for an additional $892 million in spending in the coming fiscal year, a 7% increase over current year spending.