A. A distribution pursuant to Section 7-1-6.1 N.M. Stat. Ann. shall be made to the Local Economic Development Act [N.M. Stat. Ann. Chapter 5, Article 10] fund equal to the following amounts of the following taxes imposed and paid on the expenses related to the construction of the qualifying entity’s economic development project, as determined pursuant to Section 2 [5-10-17 N.M. Stat. Ann.] of this 2021 act:

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

(1)     fifty percent of the net receipts attributable to state gross receipts tax and the state compensating tax; and

(2)     fifty percent of the net receipts attributable to the local option gross receipts tax and county compensating tax imposed by a county and local option gross receipts tax and municipal compensating tax imposed by a municipality.

B. As used in this section:

(1)     “economic development project” means “economic development project” as used in the Local Economic Development Act; and

(2)     “qualifying entity” means “qualifying entity” as used in the Local Economic Development Act.