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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 ...
Record-breaking oil production in New Mexico is likely to provide state government with a new multibillion-dollar surplus during the upcoming budget year, economists for the state announced Wednesday.
Oil and gas production, tourism, and federal government spending are important drivers of New Mexico's economy. The state government has an elaborate system of tax credits and technical assistance to promote job growth and business investment, especially in new technologies.
About 78 percent of the acreage leased was in New Mexico on six parcels, drawing about $22.4 million. ... oil and gas investments must cease. ... were identified by the State of New Mexico as ...
The fund is managed by New Mexico's State Investment Council, an independent state agency which functions as a sovereign wealth fund. [6] The council is made up of certain members of the Government of New Mexico, who serve on an ex-officio basis, and public members appointed alternately by the Governor of New Mexico and New Mexico Legislature.
In November 2022, the New Mexico State Investment Council, which manages that state's $38 billion sovereign wealth fund, announced it would commit $100 million towards America's Frontier Fund (AFF), a new venture capital firm that will focus on advanced technologies such as microelectronics and semiconductors, advanced manufacturing, artificial ...
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