New Mexico oil income surpasses personal income tax revenue

SANTA FE, New Mexico: New Mexico's decision to save and invest part of the money earned from local oil production is paying off as, for the first time, the state's income from investments is higher than what it collects from personal income taxes, according to a new report released this week.

New Mexico expects to earn US$2.1 billion in the 2024-2025 fiscal year from its two significant permanent funds and inter