Thanks to Oil and Gas, Hobbs Gushing Tax Revenue

KOB TV - One New Mexico city is generating sales tax revenues lately that are outpacing some cities with populations more than two and a half times its size. Two straight months of record tax revenues show Hobbs is now generating more money than places like Rio Rancho, Roswell and Farmington which all have much larger populations and higher tax rates. Oil and gas is still the corner stone of the Hobbs economy, but officials got the suprising numbers that show other sectors are driving large tax revenues. "Commerce is absolutely great in Hobbs and one of our first indicators is out gross receipts tax distribution from the state," said Grant Taylor of the Hobbs Chamber of Commerce. Just this week, Hobbs received a record $5.4 million in sales tax distribution. That beat last month's all time record of just over $5 million. "In fact, what that does for us, that ranks us 4th in the state for gross receipts tax distribution to municipalities," explained Taylor. Read full story here: News New Mexico

Thanks to Oil and Gas, Hobbs Gushing Tax Revenue