submission of materials.

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A. A district may revise the base year that the district uses to determine its gross receipts tax increment. To initiate the process of revising its base year, a district board shall:

(1)     adopt a resolution declaring that intent; and

(2)     forward copies of the adopted resolution to the secretary of taxation and revenue, the secretary of finance and administration, the developer and the local governments that have dedicated a tax increment to the district.

B. The taxation and revenue department, the department of finance and administration, the developer and the local governments that have dedicated a tax increment to the district may submit written comments to the district with copies sent to the state board of finance for fifteen days after receiving a copy of a district board’s resolution indicating the board’s intent to revise the base year used to determine the district’s gross receipts tax increment.

C. No more than forty-five days after adopting the resolution declaring the intent to revise the base year that the district uses to determine its gross receipts tax increment, the district board shall submit to the state board of finance and send copies to the developer and any local government that has dedicated a tax increment to the district:

(1)     a copy of the resolution;

(2)     all comments on the matter that the district received from the taxation and revenue department, the department of finance and administration, the developer and the local governments that have dedicated a tax increment to the district; and

(3)     any other related documentation.

D. As used in this section, “developer” means the owner or developer who has entered into an agreement pursuant to Subsection A of Section 5-15-4 N.M. Stat. Ann. with the governing body that formed the district or the owner’s or developer’s successors or assigns.