SENATE BILL 157
56th legislature - STATE OF NEW MEXICO - first session, 2023
Gay G. Kernan
RELATING TO MUNICIPALITIES; PROVIDING A DISTRIBUTION OF GROSS RECEIPTS TAX REVENUE TO THE CITY OF HOBBS TO COMPENSATE FOR CERTAIN MUNICIPAL GROSS RECEIPTS TAX REVENUE SOURCED TO LEA COUNTY; MAKING AN APPROPRIATION.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. A new section of the Tax Administration Act is enacted to read:
"[NEW MATERIAL] DISTRIBUTION--CITY OF HOBBS--COMPENSATION FOR MUNICIPAL GROSS RECEIPTS TAX REVENUE SOURCED TO LEA COUNTY.--A distribution pursuant to Section 7-1-6.1 NMSA 1978 in an amount equal to two million dollars ($2,000,000) of the net receipts attributable to the gross receipts tax shall be made to the city of Hobbs to compensate for municipal gross receipts tax revenue sourced to Lea county pursuant to Section 7-1-14 NMSA 1978."
SECTION 2. APPROPRIATION.--Twenty-five million dollars ($25,000,000) is appropriated from the general fund to the local government division of the department of finance and administration for distribution to the city of Hobbs for expenditure by the city in fiscal year 2023 and subsequent fiscal years. Any unexpended or unencumbered balance remaining at the end of a fiscal year shall not revert to the general fund.
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