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NM HB11

NM HB11
Grt & Permanent Fund For Leda Projects

summary

Introduced
01/25/2021
In Committee
02/18/2021
Crossed Over
02/11/2021
Passed
02/18/2021
Dead
Signed/Enacted/Adopted
02/19/2021

Introduced Session

2021 Regular Session

Bill Summary

AN ACT RELATING TO BUSINESS; AMENDING DEFINITIONS IN THE LOCAL ECONOMIC DEVELOPMENT ACT AND CONFORMING RELATED SECTIONS OF THE ACT; PROVIDING THAT A PORTION OF STATE AND LOCAL GROSS RECEIPTS AND COMPENSATING TAX REVENUE IMPOSED ON CERTAIN ECONOMIC DEVELOPMENT PROJECTS MAY BE PROVIDED AS PUBLIC SUPPORT FOR THE PROJECTS; CHANGING THE NAME OF THE "LOCAL AND REGIONAL ECONOMIC DEVELOPMENT SUPPORT FUND" TO THE "LOCAL ECONOMIC DEVELOPMENT ACT FUND" AND THE PERMITTED USES OF THE FUND; CREATING A PROGRAM WITH THE NEW MEXICO FINANCE AUTHORITY TO PROVIDE GRANTS TO CERTAIN BUSINESSES TO REIMBURSE RENT AND LEASE PAYMENTS FROM FUNDING TRANSFERRED TO THE ECONOMIC DEVELOPMENT DEPARTMENT FROM THE SEVERANCE TAX PERMANENT FUND; DECLARING AN EMERGENCY.

AI Summary

This bill amends the Local Economic Development Act to make several changes. It allows a portion of state and local gross receipts and compensating tax revenue from certain economic development projects to be used as public support for those projects. It changes the name of the "Local and Regional Economic Development Support Fund" to the "Local Economic Development Act Fund" and expands the permitted uses of the fund. It also creates a program with the New Mexico Finance Authority to provide grants to certain businesses to reimburse rent and lease payments, using funding transferred from the Severance Tax Permanent Fund. The bill declares an emergency.

Committee Categories

Budget and Finance, Business and Industry

Sponsors (2)

Last Action

Senate Finance Committee (13:00 2/17/2021 Room 322) (on 02/17/2021)

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