by Dan Boyd, Albuquerque Journal
Dec. 15, 2020

SANTA FE – New Mexico’s long-standing budgetary reliance on the oil and natural gas industries has led to big swings in state revenue levels in recent years.

With the future of oil production uncertain, a Philadelphia-based consulting group on Tuesday recommended several changes to the state’s tax code to diversify its revenue base – legalizing recreational cannabis, increasing the gas tax rate and reinstating the gross receipts tax on food items while adding a new tax credit for low-income taxpayers, among them.

Some of the ideas have already been debated by lawmakers, including making New Mexico the 16th state to legalize recreational cannabis for adult users.

Read more in the Albuquerque Journal