New Mexico governor wants to use oil and gas revenue on expanding EV purchases

FILE - New Mexico Democratic Gov. Michelle Lujan Grisham speaks at Arcosa Wind Towers, Aug. 9, 2023, in Belen, N.M. On Thursday, Jan. 4, 2024, New Mexico's governor proposed a nearly 10% general fund spending increase for the coming fiscal year to shore up housing opportunities, childhood literacy and health care access with additional payouts for electric vehicles purchases. (AP Photo/Ross D. Franklin, File)

 

New Mexico’s Gov. Michelle Lujan Grisham wants to fund more payouts for electric vehicles purchases in her state—and how does she proposed to pay for it? By using money generated from taxes on oil and gas revenue.

The governor wants to increase general fund spending by 10% to strengthen housing opportunities, childhood literacy and health care access, in addition to more EV payouts.

She published a $10.5 billion budget plan for the new fiscal year which will run from July 2024 to June 2025 and it calls for an increase of $950 million in general fund spending.

New Mexico is the nation’s No. 2 oil-producing state and is planning on a multi-billion dollar surplus, thanks largely to oil and natural gas production in the Permian Basin.

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