The Roundhouse in Santa Fe (Photo by cjc4454/flickr.com)
New Mexico’s state tax revenue fell more than any other state except Alaska between the second quarters of 2008 and 2009, according to a Wall Street Journal analysis published today.
New Mexico, whose leaders are currently working to plug a budget deficit of several hundred million dollars, saw a 31 percent drop in tax revenue from the second quarter of 2008 to the second quarter of 2009, according to the Journal. That included a 15 percent drop in sales tax revenue during that time and a 59 percent drop in revenue from individual income tax.
Only Alaska was in a worse situation. That state saw its tax revenue drop 87 percent.
Overall, state tax revenues across the nation dropped 17 percent, and only Vermont saw a gain — 2 percent.
The Journal used Census Bureau numbers for its analysis.