New Mexico
New Mexico's oil income investments now surpass personal income tax revenue
SANTA FE, N.M. — Efforts by New Mexico to save and invest portions of a financial windfall from local oil production are paying off as state government income on investments surpasses personal income tax collections for the first time, according to a new forecast Monday.
General fund income from the state’s two, multibillion-dollar permanent funds and interest on treasury accounts is expected to climb to $2.1 billion for the fiscal year between July 2024 and June 2025, surpassing $2 billion in revenue from personal income taxes.
The investment earnings are designed to ensure that critical programs — ranging from childcare subsidies to tuition-free college and trade school education — endure if oil income falters amid a possible transition to new sources of energy.
At the same time, legislators this year revised personal income tax brackets to lower taxes in the nation’s No. 2 state for oil production behind Texas.
“We’re not a poor state anymore,” said Democratic state Sen. George Muñoz of Gallup. “We’ve got things that we can win on — free education, childcare … low taxes for working families, for children. And that’s all because we’ve done a lot of the work to set this up for the future.”
The comments came at a legislative panel Monday where economists from four government agencies announced an income estimate for the coming year. The figures are the baseline for budget negotiations when the Democratic-led Legislature convenes in January.
State government income, which is closely linked to oil production in New Mexico, continues to grow, though at a slower pace, as legislators discuss new investments in social programs aimed at curbing crime and homelessness.
Economists estimate the state will bring in a record-setting $13.6 billion in general fund income for the fiscal year that runs from July 2025 to June 2026, a 2.6% increase over the current period.
This year’s income bump leaves room for an additional $892 million in state spending in the coming fiscal year, a 7% increase, according to the Legislature’s accountability and budgeting office. State income is forecast to exceed current bedrock annual spending obligations by $3.4 billion.
New Mexico legislators are pushing to open new savings accounts.
One proposal would set aside as much as $1 billion in a trust to underwrite spending on mental health and addiction treatment in response to public frustration with crime and homelessness. Legislators also are likely to revisit a stalled proposal to create a trust for Native American education that could expand Indigenous language instruction.
SANTA FE, N.M. — Former New Mexico Public Regulation Commissioner Jim Ellison is running for governor as a Republican, he announced on social media Tuesday.
Ellison is running on affordability, opportunity and trust in government as the key points of his campaign. His experience includes serving on the NMPRC in 2023 and 2024.
“New Mexico deserves leadership that listens, acts, and delivers results. Our state has enormous potential, but too often that potential is held back by policies that don’t serve everyday New Mexicans,” he said on his website. “I’m running to bring practical solutions, honest accountability, and a renewed focus on the public interest.”
A Georgia native, Ellison has lived in New Mexico for 20 years and currently lives in the Albuquerque area with his wife and two children.
Ellison is aiming to get 5,000 signatures by Feb. 2, to appear on the primary ballot with at least three other Republicans who have announced their candidacy.
Ultra Health CEO Duke Rodriguez announced his campaign in December and recently confirmed to KOB 4 that he received enough signatures to appear on the primary ballot. Rio Rancho Mayor Gregg Hull and New Mexico State Sen. Steve Lanier are also running.
Three Democrats are running – Bernalillo County District Attorney Sam Bregman, Former Interior Secretary Deb Haaland and Former Las Cruces Mayor Ken Miyagishima.
ALBUQUERQUE, N.M. — A successful University of New Mexico Lobo athletics season and the athletics director’s departure has culminated in players and coaches making moves.
The moves follow a successful 2025 season and the departure of athletics director Fernando Lovo.
Running back coach John Johnson, special teams coordinator Daniel Da Prato and wide receiver coach Colin Lockett are all leaving the Lobos after just one season. Johnson is headed to Iowa State while Da Prato is expected to join Minnesota and Lockett is headed to UCLA, all for the same jobs.
Johnson’s Lobo running backs ran for more than 1,400 yards. Da Prato’s special teams finished top-five nationally in kickoff returns.
Running back D.J. McKinney entered the portal, he confirmed on social media the day the portal officially opened. McKinney rushed for 464 yards and seven touchdowns with the Lobos.
Two players who received all-Mountain West Conference recognition also made moves. All-Mountain West tight-end Dorian Thomas, who caught for touchdowns for the Lobos, entered the portal. Meanwhile, all-Mountain West honorable mention punter Daniel Hughes is set to leave.
Others set to leave include:
- Cole Welliver, backup quarterback who played in one game
- Landon Williams, defensive end who graduated from La Cueva High School
- Randolph Kpai, senior linebacker who is at the end of his college football career without a waiver
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