SENATE BILL 292
56th legislature - STATE OF NEW MEXICO - first session, 2023
Gay G. Kernan and Cathrynn N. Brown
RELATING TO MUNICIPALITIES; PROVIDING A DISTRIBUTION OF GROSS RECEIPTS TAX REVENUE TO THE CITY OF CARLSBAD TO COMPENSATE FOR CERTAIN MUNICIPAL GROSS RECEIPTS TAX REVENUE SOURCED TO EDDY 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 CARLSBAD--COMPENSATION FOR MUNICIPAL GROSS RECEIPTS TAX REVENUE SOURCED TO EDDY 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 Carlsbad to compensate for municipal gross receipts tax revenue sourced to Eddy 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 Carlsbad 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.
SECTION 3. EFFECTIVE DATE.--The effective date of the provisions of Section 1 of this act is July 1, 2023.
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