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Revenue report: New Mexico lags in fiscal recovery

Created: 05/28/2014 7:57 AM
By: The Associated Press

SANTA FE, N.M. (AP) - A national report says New Mexico's tax collections haven't fully rebounded from the recession and only three other states have experienced a slower revenue recovery.
    
According to an analysis by The Pew Charitable Trusts, New Mexico's tax revenue in the fourth quarter of 2013 was 17.9 percent below the state's inflation-adjusted revenue peak of $1.5 billion in the final quarter of 2006.
    
Tax collections in 26 states remain below pre-recession peaks, but the report says only Alaska, Wyoming and Florida have rebounded less than New Mexico.
    
Lower natural gas prices have hurt New Mexico's energy revenue collections. The report also points to federal cutbacks and job losses as a factor in the state's lagging revenue recovery.

(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
 


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