New Mexico Statutes
Article 23 - Hospital Equipment Loans
Section 58-23-29 - Exemption from taxation; assets to state upon dissolution.

A. All property acquired or held by the council under the Hospital Equipment Loan Act, income therefrom and bonds issued under the Hospital Equipment Loan Act, plus the interest payable and income derived from the bonds, shall be exempt from taxation by the state or any subdivision thereof. Upon dissolution of the council, its assets, after payment of its indebtedness, shall inure to the benefit of the state.
B. All health-related equipment purchased, acquired, leased, financed or refinanced with the proceeds of bonds issued under the Hospital Equipment Loan Act is exempt from property taxation for as long as the participating health facility remains liable for any amount under any lease, loan or other agreement securing the bonds, but not to exceed thirty years from the date the bonds were issued for the health-related equipment.
History: Laws 1983, ch. 290, § 29; 1987, ch. 49, § 8; 2006, ch. 90, § 3; 2006, ch. 92, § 3.
2006 amendments. — Laws 2006, ch. 90, § 3 and Laws 2006, ch. 92, § 3, effective May 17, 2006, enact identical amendments to 58-23-29 NMSA 1978 that add Subsection B to provide a property tax exemption for health-related equipment. Pursuant to 12-1-8 NMSA 1978, this section is set out as amended by Laws 2006, ch. 92, §3.
Applicability. — Laws 2006, ch. 92, § 4 makes the provisions of this act applicable to property tax years beginning on or after January 1, 2006.

Structure New Mexico Statutes