7-1-6.54. Distributions; tax increment development districts;
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/nm/chapter-7-taxation/article-1-administration/7-1-6-54·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
administrative fee.
A. A distribution for a tax increment development district shall be made by the department to a special fund of the district, in accordance with a notice that is filed pursuant to Section 5-15-27 NMSA 1978 with respect to a dedication of a gross receipts tax increment, to a special fund of the tax increment development district.
B. The department shall withhold an administrative fee of three percent of the net amount to be distributed pursuant to Subsection A of this section, and the money from the fee shall be remitted to the state treasurer for deposit in the general fund each month.
History: Laws 2006, ch. 75, § 29; 2019, ch. 275, § 9; 2024, ch. 59, § 5.