New study says $512M in state tax credits has done little for state coffers

None of the 24 state tax credits that the LFC analyzed resulted in surplus tax revenues for the state.

By: Patrick Lohmann

Outlets: Source New Mexico

Published: May 20, 2026

Words: 595

Last Updated: 2 months ago

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A new study from the New Mexico Legislative Finance Committee found none of the 24 state tax credits or cuts aimed to spur economic development has resulted in increased revenues for the state.

LFC economists on Tuesday presented findings of the study, which looked at more than half a billion dollars worth of tax credits in effect in fiscal year 2025, which spans July 2024 to June 2025. The tax credits aim to attract …

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