State Revenue Up $200 Million Year over Year

Capitol Report New Mexico - It doesn’t call for uncorking Champagne bottles but New Mexico received some good economic news this week. The US Census Bureau released its figures for state tax collections and in the fourth quarter of 2010 (October-December), the state received reported slightly more income than in the same time period the year before. In addition, income from severance taxes was up by nearly $20 million. The severance tax receipts are especially critical since those taxes reflect the overall strength of the oil and gas industry in New Mexico, which contribute so heavily to the state’s economic well-being. “I was expecting a slight bump.” Sen. John Arthur Smith (D-Deming) said Wednesday, “due to the price of oil going up lately.” In total, the state collected $1.3 billion in total taxes in the fourth quarter of 2010, up from $1.1 billion raked in at the same time in 2009. Read full story here: News New Mexico

State Revenue Up $200 Million Year over Year