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Wed May 28, 2014
Report: N.M. Lags In Fiscal Recovery
A national report says New Mexico's tax collections haven't fully rebounded from the recession and only three other states have experienced a slower revenue recovery.
According to an analysis by The Pew Charitable Trusts, New Mexico's tax revenue in the fourth quarter of 2013 was 17.9 percent below the state's inflation-adjusted revenue peak of $1.5 billion in the final quarter of 2006.
Tax collections in 26 states remain below pre-recession peaks, but the report says only Alaska, Wyoming and Florida have rebounded less than New Mexico.
Lower natural gas prices have hurt New Mexico's energy revenue collections. The report also points to federal cutbacks and job losses as a factor in the state's lagging revenue recovery.
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