Overview

• New Mexico Senate approves a budget bill setting aside over $1 billion for tuition-free college and other long-term investments.
• The bill increases annual general fund spending by $653 million, aiming to sustain government spending as oil production may decline.
• More than $1.3 billion in general fund transfers will support scholarships, housing, conservation programs, and Native American education.
• Legislators anticipate a $3.5 billion budget surplus, largely from oil and natural gas production in the Permian Basin.
• The budget includes provisions for paid time off for workers, tax reductions, and electric vehicle purchase incentives, pending final approval.