New Mexico state revenues lag

SANTA FE, N.M. (AP) – New Mexico budget analysts say state revenues continue to trail last year by about 10 percent amid low energy prices and weak tax receipts.

The Legislative Finance Council is reviewing its estimates Wednesday that show the state collecting revenues of $3.6 billion during the first seven months of the current fiscal year. The state had collected $4 billion a year earlier.

Committee staff say the revenue decline is a reflection of a bust in the oil industry and a related downturn in the economy, though crude prices have risen recently. Revenue from mineral production declined $113 million during period ending in February, and money from federal mineral leases dropped $123 million.

Revenue from gross receipts taxes declined $117, and corporate income taxes fell $108 million. provides commenting to allow for constructive discussion on the stories we cover. In order to comment here, you acknowledge you have read and agreed to our Terms of Service. Users who violate these terms, including use of vulgar language or racial slurs, will be banned. Please be respectful of the opinions of others. If you see an inappropriate comment, please flag it for our moderators to review.

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