New Mexico extends surge in state tax revenues
Jul. 27, 2017
SANTA FE, N.M. (AP) — New Mexico state government is reporting a fourth straight month of increased tax revenues compared with last year.
Revenue figures published on Wednesday show the state's fiscal footing growing stronger in May. The Legislative Finance Committee says government income from taxes, fees and investments increased by 32 percent in May to $589 million over the same month last year.
The recent rebound in state revenues is being led by taxes, rents and royalties from the oil and natural gas industries, along with sales-style taxes on business receipts.
Revenues from personal and corporate income taxes have fallen as high paying oil oilfield jobs dissipate and the state gradually reduces corporate tax rates.
The state has struggled to avoid a budget deficit over the past year amid a stagnant economy.