Bill > HB8

This bill creates the Land Grant-Merced Assistance Fund, which will receive a distribution equal to 0.05% of the net receipts attributable to the gross receipts tax after other distributions have been made. The fund will be administered by the Department of Finance and Administration and will provide annual distributions to "assistance-qualified" land grants-mercedes, which are defined as those that have provided their previous fiscal year's revenue information, are in compliance with relevant statutes, and have an elected board of trustees. The distribution amounts will be based on the land grant-merced's annual revenue, with those under $50,000 receiving a full distribution, those between $50,000 and $250,000 receiving 75% of a full distribution, those between $250,000 and $500,000 receiving 50% of a full distribution, and those over $500,000 receiving 25% of a full distribution.

Agriculture and Natural Resources, Budget and Finance, Government Affairs

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=8&year=22