Bill > HB396

This bill modifies the governance and financial structure of regional spaceport districts in New Mexico, focusing on board composition, bond issuance, and taxation. The bill changes the spaceport district board composition to allow more representation based on gross receipts tax contributions, with each governmental unit receiving one director for every million dollars contributed, up to a maximum of four directors. It limits the issuance of bonds to specifically finance spaceport-related projects and restricts the county regional spaceport gross receipts tax to be imposed only until the bonds are fully discharged. The legislation requires that all revenue from the county regional spaceport gross receipts tax be dedicated exclusively to paying the principal and interest on spaceport development bonds, removing previous provisions that allowed a portion of the tax to be used for other spaceport-related projects. Additionally, the bill clarifies that revenue bonds secured by this tax can only be used for spaceport financing, planning, designing, engineering, and construction, with the authority required to irrevocably pledge all received tax revenue to bond repayment. These changes will take effect for taxes and bonds issued on or after July 1, 2025, providing a clear framework for future spaceport district financial management.

Business and Industry

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=396&year=25