New Mexico Economic Development and Revenue Strategy
Prior PFM 2020 Report: State of New Mexico Tax Structure
PFM's December 2020 report, "State of New Mexico Tax Structure: Key Issues and
Alternatives," highlighted New Mexico's reliance on revenue from the oil and gas
industry and detailed a series of steps that the State could take to achieve a more
diversified, more equitable, and increasingly stable revenue base.
The study included a review of financial and budget documents and prior studies
and was informed by 23 interviews with New Mexico tax subject matter experts and
key stakeholders. The project team also compared New Mexico with peer states
(benchmarking) and conducted best practices research.
Since the report's release, there have been major shifts in the domestic and global
macroeconomic situation – particularly as it relates to the oil and gas sector - and
changes to the New Mexico tax code.
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