All Roll Calls
Yes: 101 • No: 0
New MexicoSB 3832025 Regular SessionSenate
FLOOD RECOVERY BONDS & GROSS RECEIPTS
Sponsored By: Candy Spence Ezzell (Republican)
Signed by Governor
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Bill Overview
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Municipalities gain bonds to rebuild flood-damaged property
Effective immediately, municipalities can issue bonds to rebuild, repair, replace, or strengthen municipal property damaged by floods. They must permanently pledge all flood recovery tax revenue to repay the bonds and interest. Revenue bonds generally must be sold within two years of the authorizing ordinance or qualifying New Mexico Finance Authority resolution. Refinancing bonds are exempt, and time spent in litigation does not count toward that deadline. Laws affecting a pledged tax cannot weaken outstanding bonds unless repayment is completed or fully provided for.
Municipalities can add taxes on business receipts
Municipalities can impose a flood recovery tax on gross receipts from businesses operating within their boundaries. A majority of the governing body must approve it by ordinance. The combined rate cannot exceed 0.375%, with increases allowed in steps of 0.001%. At adoption, the municipality must dedicate the revenue solely to repaying flood recovery bonds. The tax remains until those bonds are fully paid or repayment is otherwise fully provided for.
Sponsors & Cosponsors
Sponsor
Candy Spence Ezzell
Republican • Senate
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
House vote • 3/21/2025
Final House Vote
Yes: 62 • No: 0
Senate vote • 3/14/2025
Final Senate Vote
Yes: 39 • No: 0
Actions Timeline
Signed by Governor - Chapter 24 - Mar. 28
3/28/2025SenatePassed in the House of Representatives - Y:62 N:0
3/21/2025HouseHTRC: Reported by committee with Do Pass recommendation
3/19/2025HouseSent to HTRC - Referrals: HTRC
3/17/2025SenatePassed in the Senate - Y:39 N:0
3/14/2025SenateSFC: Reported by committee with Do Pass recommendation with amendment(s)
3/13/2025SenateSTBTC: Reported by committee with Do Not Pass but with a Do Pass recommendation on Committee Substitution
3/7/2025SenateSent to STBTC - Referrals: STBTC/SFC
2/13/2025Senate
Bill Text
Final Version
3/31/2025
HTRC Committee Report 3/19/25
3/19/2025
SFC Committee Report 3/13/25
3/13/2025
STBTC Committee Report 3/07/25
3/7/2025
STBTC Committee Substitute 3/07/25
3/7/2025
Introduced
2/13/2025