New Mexico governor signs solvency bills

SANTA FE, N.M. (AP) – The governor of New Mexico has signed legislation that would help address a major state budget shortfall by closing tax loopholes and tapping into reserves from a tobacco settlement fund.

Gov. Susana Martinez announced Wednesday her approval of two bills passed by the Legislature in a special session to help address a nearly $600 million operating budget deficit.

New Mexico’s budget shortfall is linked to a downturn in energy markets that has taken a bite out of taxes and royalties from oil and natural gas and sent shock waves through the economy.

The bill to close tax loopholes will should save the state $10 million this year and $27 million the next. Transfers from the $220 million tobacco settlement fund will help shore up the state general fund temporarily. 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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