A. In addition to all other requirements of the Tax Increment for Development Act, prior to a district board issuing bonds that are issued in whole or in part against a gross receipts tax increment attributable to the state gross receipts tax within a district and before a distribution attributable to the state gross receipts tax is made pursuant to Section 7-1-6.54 NMSA 1978, the New Mexico finance authority shall review the proposed issuance of the bonds and determine that the proceeds of the bonds will be used for a tax increment development project in accordance with the district's tax increment development plan and present the proposed issuance of the bonds to the legislature for approval.
B. The issuance of the bonds and the maximum amount of bonds to be issued shall be specifically authorized by law.
History: Laws 2006, ch. 75, § 21; 2009, ch. 179, § 7; 2019, ch. 275, § 6.
The 2019 amendment, effective July 1, 2019, clarified that legislative approval is required not only prior to the issuance of gross receipts tax increment bonds, but also before a distribution is made pursuant to Section 7-1-6.54 NMSA 1978; in Subsection A, after "within a district", added "and before a distribution attributable to the state gross receipts tax is made pursuant to Section 7-1-6.54 NMSA 1978".
Applicability. — Laws 2019, ch. 275, § 10 provided that the provisions of this act shall not apply to dedications of gross receipts tax increments by the state board of finance made prior to July 1, 2019.
The 2009 amendment, effective June 19, 2009, after "district board issuing bonds", added "that are issued in whole or in part"; and in Subsection B, after "issuance of the bonds", added "and the maximum amount of bonds to be issued".
Structure 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.