SANTA FE, N.M. (AP) — New Mexico tax authorities are collecting more local and state government tax dollars than previously, amid an oil industry rebound and some signs of an economic expansion.
Republican New Mexico Gov. Susana Martinez on Wednesday said state and local revenues for the first seven months of the fiscal year have increased by $672 million from the previous year, or 13 percent. Those revenues include some money from local tax increases.
A rebound in the oil and natural gas sectors is providing a windfall after two years of austere budgeting.
Martinez and the Democrat-led Legislature recently approved a $260 million increase in general fund spending for the coming fiscal year, with pay increases for teachers, State Police and prosecutors.
Martinez is highlighting her 2017 veto of a proposed tax increases.