SB 66 — GRT DISTRIBUTION TO CERTAIN ENTITIES

SENATE BILL 66 56TH LEGISLATURE -STATEOFNEWMEXICO-- STATEOFNEWMEXICO- FIRST SESSION, 2023 INTRODUCED BY Pat Woods 6This 8document 10may ANincorporate ACTamendments RELATINGproposed TOby STATE-OWNEDa PROPERTY;committee, but not yet adopted, as well as amendments that have been adopted during the current legislative session.

CREATINGThe Adocument DISTRIBUTIONis OFa THEtool GROSSto RECEIPTSshow TAXamendments TOin POLITICALcontext SUBDIVISIONSand THATcannot WOULDbe HAVEused IMPOSEDfor PROPERTYthe TAXpurpose ONof REALadding PROPERTYamendments IFto THElegislation. PROPERTY WERE NOT OWNED BY THE STATE.

16h BEAN ITACT ENACTEDg BYo THERELATING LEGISLATURETO OFSTATE-OWNED THEPROPERTY; STATE OF NEW MEXICO:

eCREATING A DISTRIBUTION OF t 17hr SECTIONg 1.e i k THE GROSS RECEIPTS TAX TO POLITICAL SUBDIVISIONS THAT WOULD h r i s HAVE IMPOSED PROPERTY TAX ON REAL PROPERTY IF THE PROPERTY WERE h , t, NOT OWNED BY THE STATE.

Ae newu sectiong ofe theb Taxl Administratione Acte ish w l n d 18d enactedi to= read:= o h BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

= = 19 a l "[NEW] MATERIAL]b DISTRIBUTION--GROSS,d RECEIPTS TAX TO i a eº r 20 POLITICAL SUBDIVISIONS--VALUE OF PROPERTY TAX ON STATE-OWNED a t m m 21 PROPERTY.-- d r e 22SECTION A.1.

ExceptA asnew providedsection in Subsection B of thisthe cTax eAdministration sAct kis 23r section,i whenever= ther statet acquirese feew simpled ownershipm of e a n bo 24enacted real property, a distribution pursuant to Sectionread: 7-1-6.1 NMSA u [ 1978 shall be made annually, beginning in the calendar year .222887.1 following state acquisition, to a political subdivision in the state in an amount equal to the amount of property tax that would have been imposed by the political subdivision on the real property if the real property was not owned by the state.

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b e d s º o t n = .222887.1AIC February 8, 2023 (9:24am) s k m e e a n e d r e l u [ A d "[NEW MATERIAL] DISTRIBUTION--GROSS RECEIPTS TAX TO POLITICAL SUBDIVISIONS--VALUE OF PROPERTY TAX ON STATE-OWNED PROPERTY.-- A.

Except as provided in Subsection B of this section, whenever the state acquires fee simple ownership of real property, a distribution pursuant to Section 7-1-6.1 NMSA shall be made STBTCº annually»STBTC , beginning in the calendar year following state acquisition, to a political subdivision in the state in an amount equal to STBTCº the»STBTC STBTCºone-twelfth of the annual»STBTC amount of property tax that would have been imposed by the political subdivision on the real property if the real property was not owned by the state.

The provisions of this section do not apply to real property acquired by the department of transportation." h SECTION 2.

EFFECTIVE DATE.--The effective date of the u » r provisions of this act is January 1, 2024.

t h g e l i - 2 - 13h 15r i s h , e h t 17u wg e b l e e , gh n d 18d i = = 19o ah l i] ab e,d ri 20 a tº m m 21 d r e 22r c= t e sw kd 23m e a n bo 24d um [: .222887.1

b r e t º o t n = .222887.1AIC February 8, 2023 (9:24am) s k m e e a n e d r e l u [ A d