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Sovereign Wealth Funds Briefing - Categorized | Financials, Reserve Currencies

Oil and gas account for $1.7 bln of state’s general fund

Posted on 04 April 2014

A detailed tax study in New Mexico shows that the oil and gas industry is responsible for more than $1.7 billion in general-fund revenues in fiscal year 2013.Earlier this year, the New Mexico Tax Research Institute released the Fiscal Impacts of Oil and Natural Gas Production in New Mexico, a 325-page study of the state’s oil and gas industry contributions to the general fund.
The study says that the oil and gas industry contributes about 31.5 percent of the total amount in the general fund. Furthermore, the report breaks down information by county. In fiscal year 2013, the state’s general fund was about $5.6 billion, according to the study………………………………….Full Article: Source


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