Latest New Mexico Revenues Remain Strong: $13.466 billion for general fund according to LFC

The Rio Grande Foundation has repeatedly called for reductions to New Mexico’s tax burden with eliminating the personal income tax and reform to the harmful gross receipts tax being our top priorities. Unfortunately, the Legislature and Gov. have not prioritized average New Mexicans’ needs. Instead, the money has helped create New Mexico’s sovereign wealth funds which amount to $61 billion while New Mexico remains among the poorest states in the country.

A new report from the LFC shows that the State general fund continues to see growth despite lower oil prices. According to the LFC, New Mexico’s general fund collected $272.4 million MORE than was expected between July 2024 and February 2025.

Despite MLG’s budget for FY 2025 having been a whopping $10.517 billion, an increase of $948.9 million, or 9.9%, above the FY24 that would leave New Mexico with an FY 2025 budget surplus of $2.95 billion, just shy of $3 billion.