Bill > SB72

This bill amends existing laws to change the method for determining annual in-lieu tax payments for electric generation or transmission facility projects acquired by municipalities and counties. The key provisions are: 1. Municipalities and counties acquiring electric generation or transmission projects must ensure that school districts within the municipality or county receive annual in-lieu tax payments, which must be 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. 2. Persons proposing electric transmission facility projects must pay the state 5% of the total amount of in-lieu tax payments made to local entities, including school districts, as well as 5% of the value of any other consideration paid to local entities. The bill also declares an emergency, allowing it to take effect immediately upon becoming law.

Agriculture and Natural Resources, Budget and Finance

https://www.nmlegis.gov/lcs/legislation.aspx?chamber=S&legtype=B&legno=72&year=21