A. The state board of finance may approve the revision of the base year used to determine a district's gross receipts tax increment:
(1) once during the lifetime of the district;
(2) if the revised year is a calendar year that is completed;
(3) if no gross receipts tax increment bonds attributable to the district have been issued;
(4) if there is no unresolved objection to the revision by the developer or by a local government that has dedicated a tax increment to the district; and
(5) upon a finding that the revision is reasonable and in the best interest of the state.
B. If the state board of finance approves the revision of the base year used to determine a district's gross receipts tax increment, the state board of finance shall notify the district, the secretary of taxation and revenue, the developer and the local governments that have dedicated a tax increment to the district.
C. 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, § 2.
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.