Richardson was elected governor of New Mexico in November 2002. In his first year, Richardson proposed and won passage of Reagan-style "tax cuts to promote growth and investment" and passed a broad personal income tax cut and won a statewide special election to transfer money from the state's Permanent Fund to meet current expenses and projects. <ref>[http://web.archive.org/web/20030201-20051229re_/http://www.upi.com/view.cfm?StoryID=20030219-071745-7704r New Mexico cuts taxes to stimulate economy], Phil Magers, United Press International, 2/19/2003.</ref> | Richardson was elected governor of New Mexico in November 2002. In his first year, Richardson proposed and won passage of Reagan-style "tax cuts to promote growth and investment" and passed a broad personal income tax cut and won a statewide special election to transfer money from the state's Permanent Fund to meet current expenses and projects. <ref>[http://web.archive.org/web/20030201-20051229re_/http://www.upi.com/view.cfm?StoryID=20030219-071745-7704r New Mexico cuts taxes to stimulate economy], Phil Magers, United Press International, 2/19/2003.</ref> |