New Mexico has plenty of money: will it matter?

The chart below (taken from the Albuquerque Journal) highlights New Mexico’s ongoing revenue boom thanks to the oil and gas industry. State revenue once again is set to rise in FY 2026 meaning the Legislature will have plenty of money to both increase spending AND cut or reform New Mexico’s business-unfriendly tax structure.

While growth is not as rapid as it was for a few years, oil and gas revenue ALONE is more than enough to pay for New Mexico’s general fund budget for FY 2025 of $10.2 billion. The question is whether the recently-reelected “progressive” majority has the interest in enacting pro-growth tax policies for the benefit of New Mexicans and the State economy.

RGF will be working to make sure that tax cuts are as large and will improve/diversify New Mexico’s economy. We will also fight against ALL unnecessary and unfair tax hikes. It will be another challenging session but New Mexico’s problems can’t be blamed on a lack of resources.