Former NM Taxation Dept. secretary: raise taxes on oil and gas profits

May 5, 2011

Santa Fe, NM – As much as a quarter of New Mexico's main operating budget each year comes from taxes it collects from oil and gas production in the state: the so-called "severance tax". And with the price of fossil fuels rising rapidly, a now-former state revenue official says it's time to raise taxes on the extraction industries.