Bill > SB5

This bill proposes several changes to the Local Economic Development Act in New Mexico. The key provisions are: 1) It expands the definition of "public support" that local and regional governments can provide for economic development projects, including providing land, buildings, infrastructure, grants, and tax revenue. 2) It allows a portion of state and local gross receipts and compensating tax revenue generated by certain large economic development projects to be used to provide public support for those projects. 3) It renames the "Local and Regional Economic Development Support Fund" to the "Local Economic Development Act Fund" and changes the permitted uses of the fund. 4) It 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. 5) It declares an emergency, allowing the bill to take effect immediately upon passage.

Budget and Finance

https://www.nmlegis.gov/lcs/legislation.aspx?chamber=S&legtype=B&legno=5&year=21