Chapter 5 — Chapter 5

A local governing body imposing a sports and recreation facility fee shall include verification of the collection of the correct sports and recreation facility fee in any audit of a vendor conducted pursuant to Section 3-38-17.1 NMSA 1978. History: Laws 2008, ch. 76, § 7.

The chief financial officer of a local governing body assessing a sports and recreation facility fee shall report to the local government division of the department of finance and administration on a quarterly basis any expenditure of sports and recreation facility funds. History…

An action to enforce the Sports and Recreation Facility Financing Act may be brought by: A. the municipal attorney of the qualified municipality, or a person designated by the qualified municipality, as approved by the local governing body; or B. a vendor who is collecting the pr…

This act [5-14-1 to 5-14-15 NMSA 1978] may be cited as the "Civic and Convention Center Funding Act". History: Laws 2003, ch. 374, § 1.

A. A local governmental entity shall by ordinance provide that a vendor is liable for the payment of the proceeds of convention center fees that the vendor failed to remit to the local governmental entity. Failure of the vendor to collect the fee is not cause for the local govern…

A. The convention center fee assessed by a local governmental entity constitutes a lien in favor of that local governmental entity upon the personal and real property of the vendor providing lodging facilities in that local governmental entity. The lien may be enforced as provide…

The ordinance imposing a convention center fee or any ordinance amending the imposition of a convention center fee shall: A. state: (1) the rate of the convention center fee to be imposed; (2) the times, place and method for the payment of the convention center fee proceeds to th…

A. Revenue bonds may be issued at any time by a qualified municipality that has imposed a convention center fee to defray wholly or in part the costs authorized in Paragraph (1) of Subsection C of Section 5-14-4 NMSA 1978. The revenue bonds may be payable from and payment may be …

A. A qualified municipality having issued revenue bonds as authorized in the Civic and Convention Center Funding Act may issue refunding revenue bonds payable from pledged revenues authorized for the payment of revenue bonds at the time of the refunding or at the time of the issu…

A local governmental entity shall by ordinance provide for penalties by creating a misdemeanor and imposing a fine of not more than five hundred dollars ($500) or imprisonment for not more than ninety days or both for a violation by any person of the provisions of the convention …

As used in the Civic and Convention Center Funding Act: A. "convention center fee" means the fee imposed by a local government entity pursuant to the Civic and Convention Center Funding Act on vendees for the use of lodging facilities; B. "county" means a county within which a qu…

The following local governmental entities are authorized to impose a convention center fee: A. a qualified municipality if the governing body of the qualified municipality has by resolution authorized the development and construction of a civic and convention center within the qu…

A. A local governmental entity that has met the requirements of Section 5-14-3 NMSA 1978 may impose by ordinance a fee on the use of a room at a lodging facility within the local governmental entity; provided that a fee imposed by a county shall only apply to lodging facilities l…

The convention center fee shall not apply: A. if a vendee: (1) has been a permanent resident of the lodging facility for a period of at least thirty consecutive days; or (2) enters into or has entered into a written agreement for a room at a lodging facility for a period of at le…

A. A vendor providing rooms within a local governmental entity that has imposed a convention center fee shall collect the proceeds on behalf of the local governmental entity and shall act as a trustee for the fees collected. B. The convention center fee shall be collected from ve…

A local governmental entity imposing a convention center fee shall include verification of the collection of the correct convention center fee in any audit of a vendor conducted pursuant to Section 3-38-17.1 NMSA 1978. History: Laws 2003, ch. 374, § 7.

The chief executive officer of a local governmental entity imposing a convention center fee shall report to the local government division of the department of finance and administration on a quarterly basis any expenditure of convention center fee funds. History: Laws 2003, ch. 3…

A. An action to enforce the Civic and Convention Center Funding Act may be brought by: (1) the attorney general or the district attorney in the county of jurisdiction; or (2) a vendor who is collecting the proceeds of a convention center fee in the county of jurisdiction. B. A di…

Chapter 5, Article 15 NMSA 1978 may be cited as the "Tax Increment for Development Act". History: Laws 2006, ch. 75, § 1; 2009, ch. 179, § 1.

A. Following formation of a tax increment development district, a district board shall administer in a reasonable manner the implementation of the tax increment development plan as approved by the governing body. B. The district shall be governed by the governing body that adopte…

A. A district shall keep the following records, which shall be open to the public: (1) minutes of all meetings of the district board; (2) all resolutions; (3) accounts showing all money received and disbursed; (4) the annual budget; and (5) all other records required to be mainta…

A. In addition to other express or implied authority granted by law, a district shall have the power to: (1) enter into contracts or expend money for any public purpose with respect to the district; (2) enter into agreements with a municipality, county or other local government e…

A district has the power to establish a property tax levy upon real property located within the tax increment development area, with the following limitations: A. the maximum property tax levy a district may impose is five dollars ($5.00) on each one thousand dollars ($1,000) of …

A. A property tax levy imposed by a district may be rescinded within the four-year period during which a property tax levy imposed by a district is effective if: (1) thirty-three and one-third percent of the number of persons who voted in the election for the imposition of that p…

secure bonds. A. A tax increment development plan, as originally approved or as later modified, may contain a provision that gross receipts tax increments sourced to the tax increment development area pursuant to Section 7-1-14 NMSA 1978 and distributed to the district pursuant t…

increment. Prior to approval of a dedication of a gross receipts tax increment attributable to the state gross receipts tax by the state board of finance pursuant to Section 5-15-15 NMSA 1978, a tax increment development district shall submit a filing fee to the state board of fi…

A. A district may issue gross receipts tax increment revenue bonds, the pledged revenue for which is a gross receipts tax increment dedicated in accordance with the provisions of the Tax Increment for Development Act, for any one or more of the purposes authorized by that act. B.…

A. Notwithstanding any law to the contrary, but in accordance with the Tax Increment for Development Act, a tax increment development plan, as originally approved or as later modified, may contain a provision that a portion of property taxes levied after the effective date of the…

A. Subject to the limitations and in accordance with Article 9 of the constitution of New Mexico and Sections 6-15-1 and 6-15-2 NMSA 1978, a district board may issue and dispose of property tax increment bonds for the purpose of securing funds for undertaking tax increment develo…

A. A district board that has issued bonds in accordance with the Tax Increment for Development Act may issue refunding bonds for the purpose of refinancing, paying and discharging all or any part of outstanding bonds for the: (1) acceleration, deceleration or other modification o…

A. The purpose of the Tax Increment for Development Act is to create a mechanism for providing gross receipts tax financing and property tax financing for public infrastructure for the purpose of supporting economic development and job creation. B. The legislature finds and decla…

district; other limitations. A. A district board shall not issue bonds against gross receipts tax increments attributable to: (1) the state gross receipts tax without: (a) the state board of finance adopting a resolution dedicating a gross receipts tax increment attributable to t…

After the retirement of all bonds issued pursuant to the tax increment development plan, any balance in a debt service reserve account established for the payment of those bonds shall be paid to the governments that have dedicated a tax increment to the district in proportion to …

gross receipts tax increments. 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 source…

The bonds authorized by the Tax Increment for Development Act and the income from the bonds or any other instrument executed as security for the bonds shall be exempt from all taxation by the state or any political subdivision of the state. History: Laws 2006, ch. 75, § 22.

If the provisions set forth in the Tax Increment for Development Act impair the ability of a municipality, county or other public body to meet its principal or interest payment obligations for revenue bonds or general obligation bonds outstanding prior to the effective date of th…

A district board shall separately account for all revenues and indebtedness based on gross receipts tax increments and property tax increments. The district board shall individually account for all gross receipts tax increments. History: Laws 2006, ch. 75, § 24.

boundaries or tax increment development plan. A. Following formation of a district, an area may be eliminated from the tax increment development area only following a hearing conducted upon notice given to the owners of land in the tax increment development area in the manner pre…

submission of materials. A. A district may revise the base period that the district uses to determine its gross receipts tax increment. To initiate the process of revising its base period, a district board shall: (1) adopt a resolution declaring that intent; and (2) forward copie…

A. The state board of finance may approve the revision of the base period used to determine a district's gross receipts tax increment: (1) once during the lifetime of the district; (2) if no gross receipts tax increment bonds attributable to the district have been issued; (3) if …

A. Upon notice of the approval of a revision of the base period used to determine a district's gross receipts tax increment, the district shall: (1) return to the taxation and revenue department any gross receipts tax increment credited to the period between the time that the rev…

A. A district shall be terminated by a resolution of the district board that all of the following conditions exist: (1) all improvements owned by the district have been, or provision has been made for all improvements to be, conveyed to the municipality or county in which the dis…

taxation and revenue department. A. If the state board of finance or a taxing entity approves a dedication or increase in the dedication of a gross receipts tax increment to a district, the state board of finance or the taxing entity shall notify the taxation and revenue departme…

The terms of bonds issued pursuant to the Tax Increment for Development Act for a district, including refunding bonds, shall expire not more than twenty-five years after the date that the first bonds are issued for that district. History: Laws 2006, ch. 75, § 28.

On September 1 of each year, the district board of a district that receives a distribution of a gross receipts tax increment attributable to the state gross receipts tax shall submit a report to the state board of finance and the legislative finance committee that includes the es…

As used in the Tax Increment for Development Act: A. "base gross receipts taxes" means: (1) the total amount of gross receipts tax revenue attributable to the gross receipts sourced to a tax increment development district pursuant to Section 7-1-14 NMSA 1978, as calculated by the…

A. A tax increment development plan may be approved by the governing body of the municipality or county within which tax increment development projects are proposed. Upon filing with the clerk of the governing body of an approved tax increment development plan and upon receipt of…

A tax increment development plan shall include: A. a map depicting the geographical boundaries of the area proposed for inclusion within the tax increment development area; B. the estimated time necessary to complete the tax increment development project; C. a description and the…

A. Upon adoption of a resolution indicating an intent to form a tax increment development district, a governing body shall set a date no sooner than thirty days and no later than sixty days after the adoption of the resolution for a public hearing regarding the formation of the d…

A. At a public hearing conducted pursuant to the Tax Increment for Development Act, the governing body shall hear all relevant evidence and testimony and make findings. A record of the hearing shall be kept and may consist of a transcription by a court reporter, an electronic rec…