Albuquerque, New Mexico 2021-06-10 20:38:32 –
Iglesias submitted a new post-session accounting report to the Revenue Stabilization and Tax Policy Committee to help guide state priorities prior to the next session.
“We are trying to inform the Commission and some of the issues we still know are unresolved,” said Iglesias.
She said the data show that they are tracking more in terms of gross income tax and oil and gas collection methods. According to Iglesias, the passage of federal stimulus also had a positive economic impact.
“I call it cautious optimism because it’s better than expected, but it’s still less than what I collected in last fiscal year 20. So, while collections are still declining, there’s still a loss of revenue. “Iglesias said.
However, having more income than expected means earning less than expected from state reserves.
“This allows for a kind of cushioning from one year to the next, so you don’t necessarily have to cut your budget, and you don’t have to cut as much as you would otherwise. To avoid budget cuts. You don’t have to raise taxes to generate more income, “she said.
Report show improved economic outlook in New Mexico Source link Report show improved economic outlook in New Mexico