Bill > SB85

This bill creates the Land Grant-Merced Assistance Fund, which will provide annual distributions to eligible land grant-mercedes (community land grants) in New Mexico. The fund will be financed by a distribution of 0.05% of the state's gross receipts tax revenue, after other distributions have been made. The amount each land grant-merced receives will depend on its annual revenue, with higher-revenue land grants receiving a smaller percentage of the full distribution. The bill requires the State Auditor to certify annually which land grant-mercedes are eligible and in compliance with state auditing requirements. The fund will be administered by the Department of Finance and Administration, and any balance exceeding the certified distribution amounts will revert to the state's general fund.

Agriculture and Natural Resources, Budget and Finance

https://www.nmlegis.gov/lcs/legislation.aspx?chamber=S&legtype=B&legno=85&year=21