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New Mexico's oil income surpasses personal income tax, reaching $2.1B, fueling record state spending.
New Mexico's investment income from oil production is expected to exceed personal income tax revenue for the first time, reaching $2.1 billion for the fiscal year 2024-2025.
The state's general fund income is projected to hit a record $13.6 billion for 2025-2026, a 2.6% increase, allowing for an additional $892 million in spending.
Legislators are considering new investments in social programs and savings accounts for mental health and Native American education.
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El ingreso petrolero de Nuevo México supera el impuesto sobre la renta personal, alcanzando los $2.1B, alimentando el gasto estatal récord.