5-10-14. Local Economic Development Act fund.
274 words·~1 min read·
/nm/chapter-5-municipalities-and-counties/article-10-local-economic-development/5-10-14·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. The "Local Economic Development Act fund" is created in the state treasury. Income from the fund shall be credited to the fund. Money in the fund shall not revert or be transferred to any other fund at the end of a fiscal year. The department shall administer the fund, and money in the fund is appropriated to the department to pay the cost of administering the fund and for economic development projects pursuant to the Local Economic Development Act. Money in the fund shall be expended on warrants of the department of finance and administration pursuant to vouchers signed by the secretary of economic development.
B. The following may be used to provide public support for certain economic development projects of qualifying entities pursuant to Section 2 [5-10-17 NMSA 1978] of this 2021 act and shall be separately accounted for in the fund:
(1)fifty percent of the tax revenue attributable to the state gross receipts tax and the state compensating tax, as determined pursuant to Subsection A of Section 2 of this 2021 act, and distributed pursuant to Subsection A of Section 5 [7-1-6.67 NMSA 1978] of this 2021 act; and
(2)that portion of the tax revenue attributable to the local option gross receipts tax and county compensating tax imposed by a county and local option gross receipts tax and municipal compensating tax imposed by a municipality dedicated pursuant to Subsection B of Section 2 of this 2021 act and distributed pursuant to Subsection B of Section 5 of this 2021 act.
History: Laws 2020, ch. 74, § 1; 2021, ch. 3, § 9; 2021 (1st S.S.), ch. 2, § 1.