Bill > SJM2

This Joint Memorial urges the United States Congress and the President to ensure that federal Payments in Lieu of Taxes (PILT) are calculated based on a "full property tax equivalency basis." PILT are federal payments made to local governments to compensate for lost property tax revenue due to the presence of nontaxable federal lands within their jurisdictions. The memorial explains that "tax equivalency" means the amount of taxes that would have been collected if these federal lands were privately owned. New Mexico, with millions of acres of federal land, argues that current PILT payments do not reflect this fair equivalency, negatively impacting funding for essential services like education, infrastructure, and public safety, especially during uncertain economic times. Therefore, the memorial calls for swift action to implement laws and policies that guarantee future PILT payments are made at this full equivalency level, fulfilling a commitment made when the program began in 1976.