A. A district may revise the base year that the district uses to determine its gross receipts tax increment. To initiate the process of revising its base year, a district board shall:
(1) adopt a resolution declaring that intent; and
(2) forward copies of the adopted resolution to the secretary of taxation and revenue, the secretary of finance and administration, the developer and the local governments that have dedicated a tax increment to the district.
B. The taxation and revenue department, the department of finance and administration, the developer and the local governments that have dedicated a tax increment to the district may submit written comments to the district with copies sent to the state board of finance for fifteen days after receiving a copy of a district board's resolution indicating the board's intent to revise the base year used to determine the district's gross receipts tax increment.
C. No more than forty-five days after adopting the resolution declaring the intent to revise the base year that the district uses to determine its gross receipts tax increment, the district board shall submit to the state board of finance and send copies to the developer and any local government that has dedicated a tax increment to the district:
(1) a copy of the resolution;
(2) all comments on the matter that the district received from the taxation and revenue department, the department of finance and administration, the developer and the local governments that have dedicated a tax increment to the district; and
(3) any other related documentation.
D. As used in this section, "developer" means the owner or developer who has entered into an agreement pursuant to Subsection A of Section 5-15-4 NMSA 1978 with the governing body that formed the district or the owner's or developer's successors or assigns.
History: Laws 2014, ch. 11, § 1.
Emergency clauses. — Laws 2014, ch. 11, § 4, contained an emergency clause and was approved March 5, 2014.
Structure 2021 New Mexico Statutes
Chapter 5 - Municipalities and Counties
Article 15 - Tax Increment for Development
Section 5-15-2 - Findings and purpose.
Section 5-15-4 - Resolution for formation of a district.
Section 5-15-5 - Contents of tax increment development plan.
Section 5-15-6 - Notice of public hearing.
Section 5-15-7 - Public hearing.
Section 5-15-8 - Formation determination; election.
Section 5-15-8.1 - Posting of notices.
Section 5-15-9 - Formation of a district.
Section 5-15-10 - Governance of the district.
Section 5-15-11 - Records; open meetings.
Section 5-15-12 - District powers; limitations.
Section 5-15-13 - Authority to impose property tax levy.
Section 5-15-14 - Property tax levy rescission election.
Section 5-15-15 - Tax increment financing; gross receipts tax increment to secure bonds.
Section 5-15-15.1 - Filing fee for evaluating use of state gross receipts tax increment.
Section 5-15-16 - Bonding authority; gross receipts tax increment.
Section 5-15-17 - Property tax increment bonds.
Section 5-15-18 - Bonding authority; property tax increment.
Section 5-15-19 - Refunding bonds.
Section 5-15-20.1 - Debt service reserve account.
Section 5-15-22 - Exemption from taxation.
Section 5-15-23 - Protection from impairment.
Section 5-15-24 - Tax increment accounting procedures.
Section 5-15-25.1 - Base year revision; resolution; comment period; submission of materials.
Section 5-15-25.2 - Base year revision; approval.
Section 5-15-25.3 - Base year revision; effect.
Section 5-15-26 - Termination of tax increment development district.