All Roll Calls
Yes: 63 • No: 41
New MexicoSB 4812025 Regular SessionSenateWALLET
STATE FAIRGROUNDS DISTRICT ACT
Sponsored By: Mimi Stewart (Democratic)
Signed by Governor
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Bill Overview
Analyzed Economic Effects
7 provisions identified: 3 benefits, 1 costs, 3 mixed.
Voters can approve fairgrounds property taxes
The district can tax real property within its boundaries for operations, maintenance, and capital improvements. A majority of votes cast by qualified district voters must approve the levy under the Local Election Act. The annual rate cannot exceed $5 per $1,000 of net taxable value. Each approved levy can last no more than four years, and voters can approve a lower rate.
Fairgrounds bonds fund projects with limits
The district can issue revenue bonds, including refinancing bonds, subject to a $500 million net-proceeds cap. Issuance requires a board majority, State Board of Finance approval, legislative approval, and New Mexico Finance Authority approval of the master financing agreement. State finance officials must approve the development plan and find that projects will generate enough revenue for repayment. Bonds can pledge district gross receipts and gaming tax distributions; investors can claim only pledged revenues, not general government funds. Beginning July 1, 2025, all bonds, including refinancing bonds, must end within 25 years after the district’s first bonds are issued. Bond terms must also make repayment subject to changes in New Mexico taxes. Refinancing can change payment schedules, lower interest costs, or change contract limits; proceeds must retire old bonds or enter escrow. Refinancing proceeds can cover no more than two years of capitalized interest.
Tax receipts shift to fairgrounds funding
Beginning July 1, 2025, the district’s special fund receives 75% of net gross receipts taxes from district business locations. It also receives 75% of net gaming taxes from district locations, after the required prior transfer. This redirects existing tax money to district projects and bond payments without changing household tax rates. Distributions continue until bonds are fully paid or repayment is otherwise fully arranged, with adjustments for other required tax distributions. If required state finance approvals or bond issuance are missing by June 30, 2029, distributions stop and earlier distributions return to the state general fund.
District voters can challenge property taxes
Qualified district voters can petition for a vote to end an active district property-tax levy. Signatures must equal at least 33 1/3% of the number of people who voted in the levy-imposition election. The board must verify the signers’ number and qualifications. A verified petition triggers a special election within 90 days, unless a regular local or general election is less than 120 days away. Only one petition can be submitted each year during the levy’s four-year effective period; filing does not itself end the tax.
Fairgrounds bond investors get tax exemptions
Beginning July 1, 2025, New Mexico and its local governments cannot tax bonds authorized by this law. Income from those bonds and documents used to secure them are also exempt. Investors’ savings depend on their holdings and income; the law does not state a federal tax exemption.
Public oversight for the fairgrounds board
An initial seven-member board governs the district, with state and local representatives and one governor-designated community member. Meetings must be open, and specified board records must be public. At each six-year term’s end, the board can hold an election; otherwise, members generally serve another six years. Without an election, a designee who is not an elected official must be replaced by an elected-official designee. Beginning July 1, 2025, the district is exempt from the Special District Procedures Act and Community Service District Act. Starting September 1, 2025, annual reports to state finance officials and lawmakers must track spending, bonds, reserves, repayment, investment, jobs, and tax distributions.
New district plans Albuquerque fairgrounds redevelopment
The law creates a separate public district for state-owned fairgrounds land within Albuquerque’s July 1, 2025 boundaries. Its board can add adjoining land acquired by the district or another public entity. The district can manage property, hire staff, accept grants, borrow money, and work with public agencies on community projects. Beginning July 1, 2025, it must prepare a development plan covering boundaries, timelines, projects, costs, financing, revenue, and land uses. The plan must address jobs, workforce and affordable housing, public schools, planning methods, and private investment. These powers allow investment and borrowing obligations but do not guarantee homes, jobs, or household benefits.
Sponsors & Cosponsors
Sponsor
Mimi Stewart
Democratic • Senate
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
House vote • 3/21/2025
Final House Vote
Yes: 39 • No: 26
Senate vote • 3/17/2025
Final Senate Vote
Yes: 24 • No: 15
Actions Timeline
Signed by Governor - Chapter 83 - Apr. 7
4/7/2025SenatePassed in the House of Representatives - Y:39 N:26
3/21/2025HouseHAFC: Reported by committee with Do Pass recommendation
3/21/2025HouseSent to HAFC - Referrals: HAFC
3/18/2025SenatePassed in the Senate - Y:24 N:15
3/17/2025SenateSFC: Reported by committee with Do Pass recommendation with amendment(s)
3/16/2025SenateSTBTC: Reported by committee with Do Not Pass but with a Do Pass recommendation on Committee Substitution
3/12/2025SenateSent to STBTC - Referrals: STBTC/SFC
2/20/2025Senate
Bill Text
Final Version
4/8/2025
HAFC Committee Report 3/21/25
3/21/2025
SFC Committee Report 3/16/25
3/16/2025
STBTC Committee Report 3/12/25
3/12/2025
STBTC Committee Substitute 3/12/25
3/12/2025
Introduced
2/20/2025