The Fiscal Impact of Extending Marriage to Same-Sex Couples in New Mexico
Extending marriage rights to same-sex couples in New Mexico would bring an estimated $20.4 million to the state economy over the first three years. According to the most recent U.S. Census, there are currently 5,825 same-sex couples living in New Mexico. An estimated 2,913 (50 percent) of those couples would marry in the first three years, according to the pattern that has been observed in Massachusetts, which has had marriage equality since 2004, and elsewhere.
Over the next three years, extending marriage to same-sex couples in New Mexico would generate state and local sales tax revenues of $1.48 million, create and sustain over 318 new jobs, and increase income tax revenue from $344,481 – $745,883. The net impact of these effects will be a positive impact of $2.5 – $3.7 million on the state budget over the course of the first three years that same-sex marriage is legal in New Mexico.