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.
ALBUQUERQUE, N.M. – The U.S. Postal Service is commemorating the centennial anniversary of Route 66 with a set of eight stamps.
The stamps feature eight different photographs from each state that Route 66 runs through. For New Mexico, a photo shows a old Grants Cafe sign.
Greg Breeding, an art director for USPS, designed the stamps and stamp pane using existing photographs by David J. Schwartz.
The stamps will make their debut at the National Postal Forum, also known as the NPF, at the Phoenix Convention Center on May 5. The event will be free and open to the public.
Route 66 was established on Nov. 11, 1926. It originally stretched about 2,400 miles from Chicago to Los Angeles. Dubbed “The Mother Road” by author John Steinbeck, Route 66 became a national symbol of freedom and adventure.
News of the stamps is being shared online with the hashtag #Route66Stamps.
Lowrider stamps
In another nod to local car culture, the USPS will begin issuing its Lowrider Forever stamps in sheets of 15 beginning Friday.
ALBUQUERQUE, N.M. — Country Music Hall of Fame inductee Tanya Tucker will perform at the 2026 New Mexico State Fair, officials announced Tuesday.
Tucker will take to the stage Friday, Sept. 18, after the Chevron PRCA rodeo. The Grammy Award-winning icon has racked up 10 No. 1 country hits since her first hit, “Delta Dawn,” at age 13.
“We couldn’t be more thrilled to bring the legendary Tanya Tucker to the New Mexico State Fair,” said Dan Mourning, general manager of the New Mexico State Fair. “Tanya is one of the greatest icons in country music history and is the perfect fit for the Fair.”
Tucker has 23 Top-40 albums and 56 Top 40 singles on the Billboard country music charts. She has won two Country Music Association awards, two Academy of Country Music awards, three CMT Awards and two Grammys for Best Country Album and Best Country Song.
Tickets are set to go on sale on Friday at 10 a.m.
Here is the full 2026 New Mexico State Fair rodeo-concert lineup:
Friday, Sept. 11
Turnpike Troubadours with Chevron PRCA Xtreme Bulls
Saturday, Sept. 12
Ian Munsick with Chevron PRCA Xtreme Bulls
Wednesday, Sept. 16
Chevron PRCA Standalone Rodeo
Thursday, Sept. 17
Everclear with Chevron PRCA Rodeo
Friday, Sept. 18
Tanya Tucker with Chevron PRCA Rodeo
Saturday, Sept. 19
The Warning with Chevron PRCA Rodeo
Sunday, Sept. 20
Chevron PRCA Rodeo – Matinee
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