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.
SANTA FE, N.M. — Efforts by New Mexico to save and invest portions of a financial windfall from local oil production are paying off as state government income on investments surpasses personal income tax collections for the first time, according to a new forecast Monday.
The investment earnings are designed to ensure critical programs — ranging from childcare subsidies to tuition-free college and trade school education — endureAt the same time, legislators this year revised personal income tax brackets to lower taxes in the nation’s No. 2 state for oil production behind Texas.
State government income, which is closely linked to oil production in New Mexico, continues to grow, though at a slower pace, as legislators discuss new investments in social programs aimed at curbing crime and homelessness.
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