summary
Introduced
01/19/2021
01/19/2021
In Committee
03/15/2021
03/15/2021
Crossed Over
03/09/2021
03/09/2021
Passed
Dead
03/20/2021
03/20/2021
Introduced Session
2021 Regular Session
Bill Summary
AN ACT RELATING TO ECONOMIC DEVELOPMENT INCENTIVES; REQUIRING RECIPIENTS OF PUBLIC SUPPORT FROM THE STATE PURSUANT TO THE LOCAL ECONOMIC DEVELOPMENT ACT TO REPORT JOB CREATION AND CAPITAL INVESTMENT INFORMATION; REQUIRING THE TAXATION AND REVENUE DEPARTMENT TO COMPILE AND PRESENT A TAX EXPENDITURE BUDGET AND ANALYSES OF CERTAIN TAX EXPENDITURES TO THE GOVERNOR AND LEGISLATIVE COMMITTEES; MAKING AN APPROPRIATION.
AI Summary
This bill requires recipients of state economic development incentives under the Local Economic Development Act to report job creation and capital investment information to the state for five years after receiving the incentives. It also requires the Taxation and Revenue Department to compile and present an annual tax expenditure budget, including assessments and economic analyses of certain tax expenditures used for economic development purposes. The bill also appropriates $192,000 to the Taxation and Revenue Department to assist with evaluating tax expenditures and other economic development incentives.
Committee Categories
Budget and Finance, Business and Industry
Sponsors (1)
Last Action
HCEDC: Reported by committee with Do Pass recommendation (on 03/15/2021)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nmlegis.gov/lcs/legislation.aspx?chamber=S&legtype=B&legno=98&year=21 |
| BillText | https://www.nmlegis.gov/Sessions/21%20Regular/bills/senate/SB0098.pdf |
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