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New Mexico state tax revenues continue to rise

Apr 11, 2018

SANTA FE, N.M. (AP) — New Mexico state government is collecting more tax dollars than it did a year ago amid an oil industry rebound and some signs of an economic expansion. Republican New Mexico Gov. Susana Martinez on Wednesday said state revenues for the first eight months of the fiscal year have increased by $672 million from the previous year, or 13 percent. February state tax revenues outpaced last year's collections. 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 also is highlighting her 2017 veto of a proposed tax increases.