Bill > SB303

This bill makes several key changes to the laws governing tax increment development districts (TIDDs) and public improvement districts (PIDs) in New Mexico: - It expands the definition of "county" to include unincorporated areas, combined city-county entities, and all areas within a county, with consent of any municipalities. - It allows TIDDs and PIDs to have an administrative committee appointed to handle day-to-day operations, with certain limitations on the committee's powers. - It outlines new procedures for TIDDs and PIDs to issue general obligation bonds and levy property taxes, including requiring voter approval. - It provides more specificity on the limitations and requirements for special levies and bonds issued by TIDDs and PIDs. - It makes various other changes to the governance, powers, and reporting requirements for TIDDs and PIDs. The bill aims to provide more clarity and structure around the financing mechanisms and oversight of these economic development districts.

Budget and Finance

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=303&year=23