A person proposing an electric transmission facility project pursuant to Paragraph (2) of Subsection A of Section 4-59-4 NMSA 1978 shall pay to the state annual payments equal to five percent of the total amount of in-lieu tax payments to be made in that calendar year by such person to counties, municipalities and other local entities authorized to levy taxes on property, including in-lieu tax payments made to school districts pursuant to Paragraph (2) of Subsection A of Section 4-59-4 NMSA 1978, and five percent of the value of any other consideration related to the project paid to local entities authorized to levy taxes on property by a person proposing an electric transmission project. A copy of any agreement providing for such in-lieu tax payments shall be provided to the secretary of finance and administration within thirty days of written approval of such agreement by all of the parties. Each annual payment to the state shall be made no later than the end of each fiscal year in which in-lieu tax payments are made to local taxing entities. Each annual payment shall be made to the department of finance and administration for deposit to the general fund.
History: Laws 2020, ch. 14, § 6; 2021, ch. 91, § 4.
The 2021 amendment, effective June 18, 2021, clarified that certain payments to the state for an electric transmission project shall be made by the person proposing the electric transmission project; and deleted "The state shall receive" and added "A person proposing an electric transmission facility project pursuant to Paragraph (2) of Subsection A of Section 4-59-4 NMSA 1978 shall pay to the state", after "total amount of in-lieu tax payments", added "to be", after "made", added "in that calendar year by such person", and after "any other consideration", added "related to the project".
Structure 2021 New Mexico Statutes
Article 59 - County Industrial Revenue Bonds
Section 4-59-3 - Legislative intent.
Section 4-59-4 - Additional powers conferred on counties.
Section 4-59-4.2 - Electric transmission projects; payments to the state.
Section 4-59-5 - Bonds issued to finance projects.
Section 4-59-6 - Security for bonds.
Section 4-59-7 - Requirements respecting lease.
Section 4-59-8 - Refunding bonds.
Section 4-59-9 - Use of proceeds from sale of bonds.
Section 4-59-9.1 - Procedure for issuing industrial revenue bonds or refunding bonds.
Section 4-59-10 - No contribution by county.
Section 4-59-11 - Bonds made legal investments.
Section 4-59-12 - Exemption from taxation.
Section 4-59-13 - Construction of act.
Section 4-59-14 - No notice or publication required.