Bill > HB26

This bill excludes "greenfield areas" from the Tax Increment for Development Act. Greenfield areas are defined as land that has not been previously developed and is not currently served by adequate public infrastructure, or areas where a potential project would primarily rely on the development of new structures and supporting infrastructure rather than the redevelopment of existing structures. The bill provides an exception if a governing body has already adopted a resolution to form a tax increment development district for a greenfield area and the state board of finance has dedicated a gross receipts tax increment to secure bonds for that district, as long as this occurred prior to July 1, 2021.

Government Affairs

https://www.nmlegis.gov/lcs/legislation.aspx?chamber=H&legtype=B&legno=26&year=21