7-1-6.71. Distribution; metropolitan redevelopment fund;
123 words·~1 min read·
/nm/chapter-7-taxation/article-1-administration/7-1-6-71·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 metropolitan redevelopment project pursuant to the Metropolitan Redevelopment Code [Chapter 3, Article 60A NMSA 1978] shall be made to the metropolitan redevelopment fund in accordance with the provisions of Subparagraph
(b)of Paragraph
(4)of Subsection B of Section 3-60A-21 NMSA 1978 with respect to a dedication of a gross receipts tax increment.
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 2023, ch. 112, § 11; 2024, ch. 59, § 7; 2024, ch. 62, § 2.