Bill > HB302

This bill modifies the Development Fees Act to provide more favorable terms for land developers when calculating impact fees in New Mexico. Specifically, the bill prevents municipalities and counties from requiring developers to waive any provisions of the Development Fees Act and changes how impact fee credits are calculated. The bill ensures that developers receive full credit for land dedications, rights of way, facility improvements, and other contributions, without reducing the credit value by proportional share calculations. Under the new provisions, developers will receive 100% of the value of land dedications, infrastructure improvements, and capital improvements as credits against impact fees, and if the credits exceed the required impact fees, the excess can be carried forward as credits for future developments. Municipalities and counties are prohibited from imposing additional restrictions on these credits beyond what is specifically authorized in the Development Fees Act, and any existing agreements with such restrictions will be considered void. The changes will take effect on July 1, 2025, providing clarity and potentially more financial flexibility for developers when undertaking new projects.

Agriculture and Natural Resources

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=302&year=25