Bill > HB105

This bill changes the method for determining annual in-lieu tax payments for electric generation or transmission facility projects acquired by municipalities or counties using industrial revenue bonds. The key provisions are: 1) Municipalities and counties must ensure that the school districts within their jurisdictions receive annual in-lieu tax payments from such projects, with the payments shared equally among the school districts and not less than the amount the school districts would have received in property taxes prior to the project's creation. 2) Persons proposing electric transmission facility projects must pay the state an annual amount equal to 5% of the in-lieu tax payments made to local entities and 5% of the value of any other consideration paid to local entities related to the project. These payments to the state must be made to the general fund. 3) The bill declares an emergency, indicating it is necessary for the public peace, health and safety that the act take effect immediately.

Agriculture and Natural Resources, Budget and Finance

https://www.nmlegis.gov/lcs/legislation.aspx?chamber=H&legtype=B&legno=105&year=21