New Mexico 2025 Regular Session

New Mexico Senate Bill SB293 Compare Versions

Only one version of the bill is available at this time.

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28	28	SENATE BILL 293
29	29	57
30	30	TH LEGISLATURE
31	31	-
32	32
33	33	STATE
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35	35	OF
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37	37	NEW
38	38
39	39	MEXICO
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41	41	-
42	42	FIRST SESSION
43	43	,
44	44
45	45	2025
46	46	INTRODUCED BY
47	47	Antoinette Sedillo Lopez and Linda M. López
48	48	AN ACT
49	49	RELATING TO DEVELOPMENT DISTRICTS; AMENDING THE TAX INCREMENT
50	50	FOR DEVELOPMENT ACT; AMENDING DEFINITIONS; REQUIRING
51	51	PETITIONERS TO CONDUCT A HOUSING STUDY PRIOR TO SUBMITTING AN
52	52	APPLICATION FOR TAX INCREMENT DEVELOPMENT PROJECTS.
53	53	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
54	54	SECTION 1. Section 5-15-3 NMSA 1978 (being Laws 2006,
55	55	Chapter 75, Section 3, as amended by Laws 2019, Chapter 212,
56	56	Section 199 and also by Laws 2019, Chapter 275, Section 1) is
57	57	amended to read:
58	58	"5-15-3. DEFINITIONS.--As used in the Tax Increment for
59	59	Development Act:
60	60	A. "affordable housing" means decent, safe and
61	61	sanitary dwellings, apartments, single-family dwellings or
62	62	other living accommodations that are affordable for persons or
63	63	.229982.2 underscored material = new
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90	90	families earning less than eighty percent of the median income
91	91	within the county in which a tax increment development project
92	92	is located; provided that an owner-occupied housing unit is
93	93	affordable to a household if the expected sales price is
94	94	reasonably anticipated to result in monthly housing costs that
95	95	do not exceed thirty-three percent of the household's gross
96	96	monthly income; and provided further that:
97	97	(1) determination of mortgage amounts and
98	98	payments is to be based on down payment rates and interest
99	99	rates generally available to lower- and moderate-income
100	100	households; and
101	101	(2) a renter-occupied housing unit is
102	102	affordable to a household if the unit's monthly housing costs,
103	103	including rent and basic utility and energy costs, do not
104	104	exceed thirty-three percent of the household's gross monthly
105	105	income;
106	106	[A.] B. "base gross receipts taxes" means:
107	107	(1) the total amount of gross receipts taxes
108	108	collected within a tax increment development district, as
109	109	estimated by the governing body that adopted a resolution to
110	110	form that district, in consultation with the taxation and
111	111	revenue department, in the calendar year preceding the
112	112	formation of the tax increment development district or, when an
113	113	area is added to an existing district, the amount of gross
114	114	receipts taxes collected in the calendar year preceding the
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143	143	effective date of the modification of the tax increment
144	144	development plan and designated by the governing body to be
145	145	available as part of the gross receipts tax increment; and
146	146	(2) any amount of gross receipts taxes that
147	147	would have been collected in such year if any applicable
148	148	additional gross receipts taxes imposed after that year had
149	149	been imposed in that year;
150	150	[B.] C. "base property taxes" means:
151	151	(1) the portion of property taxes produced by
152	152	the total of all property tax levied at the rate fixed each
153	153	year by each governing body levying a property tax on the
154	154	assessed value of taxable property within the tax increment
155	155	development area last certified for the year ending immediately
156	156	prior to the year in which a tax increment development plan is
157	157	approved for the tax increment development area, or, when an
158	158	area is added to an existing tax increment development area,
159	159	"base property taxes" means that portion of property taxes
160	160	produced by the total of all property tax levied at the rate
161	161	fixed each year by each governing body levying a property tax
162	162	upon the assessed value of taxable property within the tax
163	163	increment development area on the date of the modification of
164	164	the tax increment development plan and designated by the
165	165	governing body to be available as part of the property tax
166	166	increment; and
167	167	(2) any amount of property taxes that would
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196	196	have been collected in such year if any applicable additional
197	197	property taxes imposed after that year had been imposed in that
198	198	year;
199	199	[C.] D. "county option gross receipts taxes" means
200	200	gross receipts taxes imposed by counties pursuant to the County
201	201	Local Option Gross Receipts and Compensating Taxes Act and
202	202	designated by the governing body of the county to be available
203	203	as part of the gross receipts tax increment;
204	204	[D.] E. "district" means a tax increment
205	205	development district;
206	206	[E.] F. "district board" means a board formed in
207	207	accordance with the provisions of the Tax Increment for
208	208	Development Act to govern a tax increment development district;
209	209	[F.] G. "enhanced services" means public services
210	210	provided by a municipality or county within the district at a
211	211	higher level or to a greater degree than otherwise available to
212	212	the land located in the district from the municipality or
213	213	county, including such services as public safety, fire
214	214	protection, street or sidewalk cleaning or landscape
215	215	maintenance in public areas; provided that "enhanced services"
216	216	does not include the basic operation and maintenance related to
217	217	infrastructure improvements financed by the district pursuant
218	218	to the Tax Increment for Development Act;
219	219	[G.] H. "governing body" means the city council or
220	220	city commission of a city, the board of trustees or council of
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249	249	a town or village or the board of county commissioners of a
250	250	county;
251	251	[H.] I. "gross receipts tax increment" means the
252	252	gross receipts taxes collected within a tax increment
253	253	development district in excess of the base gross receipts taxes
254	254	collected in the district;
255	255	[I.] J. "gross receipts tax increment bonds" means
256	256	bonds issued by a district in accordance with the Tax Increment
257	257	for Development Act, the pledged revenue for which is a gross
258	258	receipts tax increment;
259	259	K. "housing study" means a multivariable estimate
260	260	of housing demand created by new employment, including new
261	261	full-time economic base jobs, expected to occur as a result of
262	262	implementation of a tax increment development project;
263	263	[J.] L. "local government" means a municipality or
264	264	county;
265	265	[K.] M. "municipal option gross receipts taxes"
266	266	means those gross receipts taxes imposed by municipalities
267	267	pursuant to the Municipal Local Option Gross Receipts and
268	268	Compensating Taxes Act and designated by the governing body of
269	269	the municipality to be available as part of the gross receipts
270	270	tax increment;
271	271	[L.] N. "municipality" means an incorporated city,
272	272	town or village;
273	273	[M.] O. "new full-time economic base job" means a
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302	302	job:
303	303	(1) that is primarily performed in New Mexico;
304	304	(2) that is held by an employee who is hired
305	305	to work an average of at least thirty-two hours per week for at
306	306	least forty-eight weeks per year;
307	307	(3) that is:
308	308	(a) involved, directly or in a
309	309	supervisory capacity, with the production of: 1) a service;
310	310	provided that the majority of the revenue generated from the
311	311	service is from sources outside the state; or 2) tangible or
312	312	intangible personal property for sale; or
313	313	(b) held by an employee that is employed
314	314	at a regional, national or international headquarters operation
315	315	or at an operation that primarily provides services for other
316	316	operations of the qualifying entity that are located outside
317	317	the state; and
318	318	(4) that is not directly involved with natural
319	319	resources extraction or processing, on-site services where the
320	320	customer is present for the delivery of the service, retail,
321	321	construction or agriculture except for value-added processing
322	322	performed on agricultural products that would then be sold for
323	323	wholesale or retail consumption;
324	324	[N.] P. "owner" means a person owning real property
325	325	within the boundaries of a district;
326	326	[O.] Q. "person" means an individual, corporation,
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355	355	association, partnership, limited liability company or other
356	356	legal entity;
357	357	[P.] R. "project" means a tax increment development
358	358	project;
359	359	[Q.] S. "property tax increment" means all property
360	360	tax collected on real property within the designated tax
361	361	increment development area that is in excess of the base
362	362	property tax until termination of the district and distributed
363	363	to the district in the same manner as distributions are made
364	364	under the provisions of the Tax Administration Act;
365	365	[R.] T. "property tax increment bonds" means bonds
366	366	issued by a district in accordance with the Tax Increment for
367	367	Development Act, the pledged revenue for which is a property
368	368	tax increment;
369	369	[S.] U. "public improvements" means on-site
370	370	improvements and off-site improvements that directly or
371	371	indirectly benefit a tax increment development district or
372	372	facilitate development within a tax increment development area
373	373	and that are dedicated to the governing body in which the
374	374	district lies. "Public improvements" includes:
375	375	(1) sanitary sewage systems, including
376	376	collection, transport, treatment, dispersal, effluent use and
377	377	discharge;
378	378	(2) drainage and flood control systems,
379	379	including collection, transport, storage, treatment, dispersal,
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408	408	effluent use and discharge;
409	409	(3) water systems for domestic, commercial,
410	410	office, hotel or motel, industrial, irrigation, municipal or
411	411	fire protection purposes, including production, collection,
412	412	storage, treatment, transport, delivery, connection and
413	413	dispersal;
414	414	(4) highways, streets, roadways, bridges,
415	415	crossing structures and parking facilities, including all areas
416	416	for vehicular use for travel, ingress, egress and parking;
417	417	(5) trails and areas for pedestrian,
418	418	equestrian, bicycle or other non-motor vehicle use for travel,
419	419	ingress, egress and parking;
420	420	(6) pedestrian and transit facilities, parks,
421	421	recreational facilities and open space areas for the use of
422	422	members of the public for entertainment, assembly and
423	423	recreation;
424	424	(7) landscaping, including earthworks,
425	425	structures, plants, trees and related water delivery systems;
426	426	(8) public buildings, public safety facilities
427	427	and fire protection and police facilities;
428	428	(9) electrical generation, transmission and
429	429	distribution facilities;
430	430	(10) natural gas distribution facilities;
431	431	(11) lighting systems;
432	432	(12) cable or other telecommunications lines
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461	461	and related equipment;
462	462	(13) traffic control systems and devices,
463	463	including signals, controls, markings and signage;
464	464	(14) school sites and facilities with the
465	465	consent of the governing board of the public school district
466	466	for which the facility is to be acquired, constructed or
467	467	renovated;
468	468	(15) library and other public educational or
469	469	cultural facilities;
470	470	(16) equipment, vehicles, furnishings and
471	471	other personal property related to the items listed in this
472	472	subsection;
473	473	(17) inspection, construction management,
474	474	planning and program management and other professional services
475	475	costs incidental to the project;
476	476	(18) [workforce] affordable housing; and
477	477	(19) any other improvement that the governing
478	478	body determines to be for the use or benefit of the public;
479	479	[T.] V. "state gross receipts tax" means the gross
480	480	receipts tax imposed pursuant to the Gross Receipts and
481	481	Compensating Tax Act, but does not include that portion
482	482	distributed to municipalities pursuant to Sections 7-1-6.4 and
483	483	7-1-6.46 NMSA 1978 or to counties pursuant to Section 7-1-6.47
484	484	NMSA 1978;
485	485	[U.] W. "sustainable development" means land
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514	514	development that achieves sustainable economic and social goals
515	515	in ways that can be supported for the long term by conserving
516	516	resources, protecting the environment and ensuring human health
517	517	and welfare using mixed-use, pedestrian-oriented, multimodal
518	518	land use planning;
519	519	[V.] X. "tax increment development area" means the
520	520	land included within the boundaries of a tax increment
521	521	development district;
522	522	[W.] Y. "tax increment development district" means
523	523	a district formed for the purposes of carrying out tax
524	524	increment development projects;
525	525	[X.] Z. "tax increment development plan" means a
526	526	plan for the undertaking of a tax increment development
527	527	project;
528	528	[Y.] AA. "tax increment development project" means
529	529	activities undertaken within a tax increment development area
530	530	to enhance the sustainability of the local, regional or
531	531	statewide economy; to support the creation of jobs, schools and
532	532	workforce housing; and to generate tax revenue for the
533	533	provision of public improvements and may include:
534	534	(1) acquisition of land within a designated
535	535	tax increment development area or a portion of that tax
536	536	increment development area;
537	537	(2) demolition and removal of buildings and
538	538	improvements and installation, construction or reconstruction
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567	567	of streets, utilities, parks, playgrounds and improvements
568	568	necessary to carry out the objectives of the Tax Increment for
569	569	Development Act;
570	570	(3) installation, construction or
571	571	reconstruction of streets, water utilities, sewer utilities,
572	572	parks, playgrounds and other public improvements necessary to
573	573	carry out the objectives of the Tax Increment for Development
574	574	Act;
575	575	(4) disposition of property acquired or held
576	576	by a tax increment development district as part of the
577	577	undertaking of a tax increment development project at the fair
578	578	market value of such property for uses in accordance with the
579	579	Tax Increment for Development Act;
580	580	(5) payments for professional services
581	581	contracts necessary to implement a tax increment development
582	582	plan or project;
583	583	(6) borrowing to purchase land, buildings or
584	584	infrastructure in an amount not to exceed the revenue stream
585	585	that may be derived from the gross receipts tax increment or
586	586	the property tax increment estimated to be received by a tax
587	587	increment development district; and
588	588	(7) grants for public improvements essential
589	589	to the location or expansion of a business; and
590	590	[Z.] BB. "taxing entity" means the governing body
591	591	of a political subdivision of the state, the gross receipts tax
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620	620	increment or property tax increment of which may be used for a
621	621	tax increment development project. [and
622	622	AA. "workforce housing" means decent, safe and
623	623	sanitary dwellings, apartments, single-family dwellings or
624	624	other living accommodations that are affordable for persons or
625	625	families earning less than eighty percent of the median income
626	626	within the county in which the tax increment development
627	627	project is located; provided that an owner-occupied housing
628	628	unit is affordable to a household if the expected sales price
629	629	is reasonably anticipated to result in monthly housing costs
630	630	that do not exceed thirty-three percent of the household's
631	631	gross monthly income; provided that:
632	632	(1) determination of mortgage amounts and
633	633	payments is to be based on down payment rates and interest
634	634	rates generally available to lower- and moderate-income
635	635	households; and
636	636	(2) a renter-occupied housing unit is
637	637	affordable to a household if the unit's monthly housing costs,
638	638	including rent and basic utility and energy costs, do not
639	639	exceed thirty-three percent of the household's gross monthly
640	640	income.]"
641	641	SECTION 2. Section 5-15-4 NMSA 1978 (being Laws 2006,
642	642	Chapter 75, Section 4, as amended) is amended to read:
643	643	"5-15-4. RESOLUTION FOR FORMATION OF A DISTRICT.--
644	644	A. A tax increment development plan may be approved
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673	673	by the governing body of the municipality or county within
674	674	which tax increment development projects are proposed. Upon
675	675	filing with the clerk of the governing body of an approved tax
676	676	increment development plan and upon receipt of a petition
677	677	bearing the signatures of the owners of at least fifty percent
678	678	of the real property located within a proposed tax increment
679	679	development area, the governing body [may ] shall adopt a
680	680	resolution declaring its intent to form a tax increment
681	681	development district. Petitioners shall conduct a housing
682	682	study and include the findings in the petition; provided that
683	683	the entity conducting the housing study shall not solely rely
684	684	on a cost-burden analysis. Prior to the formation of a
685	685	district, the owner or developer of the real property located
686	686	within an area proposed to be designated as a tax increment
687	687	development area may enter into an agreement with the governing
688	688	body concerning the improvement of specific property within the
689	689	district, and that agreement may be used to establish
690	690	obligations of the owner or developer and the governing body
691	691	concerning the zoning, subdivision, improvement, impact fees,
692	692	financial responsibilities and other matters relating to the
693	693	development, improvement and use of real property within the
694	694	district.
695	695	B. A governing body may adopt a resolution on its
696	696	own motion upon its finding that a need exists for the
697	697	formation of a district.
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726	726	C. The resolution to form a district shall include:
727	727	(1) the area or areas to be included within
728	728	the boundaries of the district;
729	729	(2) the purposes for which the district is to
730	730	be formed;
731	731	(3) a statement that a tax increment
732	732	development plan is on file with the clerk of the governing
733	733	body and that the plan includes a map depicting the boundaries
734	734	of the tax increment development area and the real property
735	735	proposed to be included in the area;
736	736	(4) the rate of any proposed property tax
737	737	levy;
738	738	(5) identification of gross receipts tax
739	739	increment and property tax increment financing mechanisms
740	740	proposed;
741	741	(6) identification of gross receipts tax
742	742	increments and property tax increments proposed to secure
743	743	proposed gross receipts tax increment bonds or property tax
744	744	increment bonds;
745	745	(7) requirement of a public hearing for the
746	746	formation of the district and notice of the hearing;
747	747	(8) a statement that formation of a district
748	748	may result in the use of gross receipts tax increments or
749	749	property tax increments to pay the costs of construction of
750	750	public improvements made by the district; and
751	751	.229982.2
752	752	- 14 - underscored material = new
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779	779	(9) a reference to the Tax Increment for
780	780	Development Act.
781	781	D. A resolution may direct that, prior to holding a
782	782	hearing on formation of a district, petitioners for the
783	783	formation of a district prepare a study of the feasibility, the
784	784	financing and the estimated costs of improvements, services and
785	785	benefits to result from the formation of the proposed district.
786	786	The governing body may require those petitioners to deposit
787	787	with the clerk or treasurer of the governing body an amount
788	788	equal to the estimated costs of conducting the study and other
789	789	estimated formation costs. The deposit shall be reimbursed
790	790	from the proceeds from the sale of bonds issued by the tax
791	791	increment development district if the district is formed and if
792	792	gross receipts tax increment bonds or property tax increment
793	793	bonds are issued by that district pursuant to the Tax Increment
794	794	for Development Act.
795	795	E. A resolution adopted pursuant to this section
796	796	shall direct that a public hearing on formation of the district
797	797	be scheduled and that notice of the hearing be mailed and
798	798	published.
799	799	F. A governing body of the municipality or county
800	800	within which tax increment development projects are proposed
801	801	that adopts a resolution to form a district shall notify the
802	802	secretary of taxation and revenue, the secretary of finance and
803	803	administration and the director of the legislative finance
804	804	.229982.2
805	805	- 15 - underscored material = new
806	806	[bracketed material] = delete
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832	832	committee of the governing body's action within ten days
833	833	following the date on which the resolution was adopted. A copy
834	834	of the adopted resolution shall be included in the notice sent
835	835	pursuant to this subsection. All resolution materials,
836	836	including fiscal and economic studies, shall also be available
837	837	electronically to the public."
838	838	SECTION 3. Section 5-15-5 NMSA 1978 (being Laws 2006,
839	839	Chapter 75, Section 5) is amended to read:
840	840	"5-15-5. CONTENTS OF TAX INCREMENT DEVELOPMENT PLAN.--A
841	841	tax increment development plan shall include:
842	842	A. a map depicting the geographical boundaries of
843	843	the area proposed for inclusion within the tax increment
844	844	development area;
845	845	B. the estimated time necessary to complete the tax
846	846	increment development project;
847	847	C. a description and the estimated cost of all
848	848	public improvements proposed for the tax increment development
849	849	project;
850	850	D. whether it is proposed to use gross receipts tax
851	851	increment bonds or property tax increment bonds or both to
852	852	finance all or part of the public improvements;
853	853	E. the estimated annual gross receipts tax
854	854	increment to be generated by the tax increment development
855	855	project and the portion of that gross receipts tax increment to
856	856	be allocated during the time necessary to complete the payment
857	857	.229982.2
858	858	- 16 - underscored material = new
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885	885	of the tax increment development project;
886	886	F. the estimated annual property tax increment to
887	887	be generated by the tax increment development project and the
888	888	portion of that property tax increment to be allocated during
889	889	the time necessary to complete the payment of the tax increment
890	890	development project;
891	891	G. the general proposed land uses for the tax
892	892	increment development project;
893	893	H. the number and types of jobs expected to be
894	894	created by the tax increment development project;
895	895	I. the amount and characteristics of [workforce ]
896	896	affordable housing expected to be created by the tax increment
897	897	development project;
898	898	J. the location and characteristics of public
899	899	school facilities expected to be created, improved,
900	900	rehabilitated or constructed by the tax increment development
901	901	project;
902	902	K. a description of innovative planning techniques,
903	903	including mixed-use transit-oriented development, traditional
904	904	neighborhood design or sustainable development techniques, that
905	905	are deemed by the governing body to be beneficial and that will
906	906	be incorporated into the tax increment development project; and
907	907	L. the amount and type of private investment in
908	908	each tax increment development project."
909	909	SECTION 4. Section 5-15-7 NMSA 1978 (being Laws 2006,
910	910	.229982.2
911	911	- 17 - underscored material = new
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938	938	Chapter 75, Section 7, as amended) is amended to read:
939	939	"5-15-7. PUBLIC HEARING.--
940	940	A. At a public hearing conducted pursuant to the
941	941	Tax Increment for Development Act, the governing body shall
942	942	hear all relevant evidence and testimony and make findings. A
943	943	record of the hearing shall be kept and may consist of a
944	944	transcription by a court reporter, an electronic recording or
945	945	minutes taken by a designated person. The record shall be
946	946	preserved in the official records of the governing body and
947	947	shall be open to public inspection pursuant to the Inspection
948	948	of Public Records Act.
949	949	B. Testimony at a hearing is not required to be
950	950	given under oath.
951	951	C. At the conclusion of a hearing, the governing
952	952	body shall determine whether the tax increment development
953	953	district should be formed based upon the interests, convenience
954	954	or necessity of the owners, the residents of the proposed tax
955	955	increment development district and the residents of the
956	956	municipality or county in which the proposed tax increment
957	957	development district is to be located. The governing body
958	958	shall make the following findings before adopting a resolution
959	959	to approve the formation of a district:
960	960	(1) the tax increment development plan
961	961	reasonably protects the interests of the governing body in
962	962	meeting its goals to support:
963	963	.229982.2
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991	991	(a) job creation;
992	992	(b) [workforce] affordable housing;
993	993	(c) public school facility creation and
994	994	improvement, including the creation and improvement of
995	995	facilities for charter schools; and
996	996	(d) underdeveloped area or historical
997	997	area redevelopment;
998	998	(2) the tax increment development plan
999	999	demonstrates elements of innovative planning techniques,
1000	1000	including mixed-use transit-oriented development, traditional
1001	1001	neighborhood design or sustainable development techniques, that
1002	1002	are deemed by the governing body to benefit community
1003	1003	development;
1004	1004	(3) the tax increment development plan
1005	1005	incorporates sustainable development considerations; and
1006	1006	(4) the tax increment development plan
1007	1007	conforms to general or long-term planning of the governing
1008	1008	body.
1009	1009	D. If the governing body determines that the
1010	1010	district should be formed, it shall:
1011	1011	(1) adopt a resolution ordering that the tax
1012	1012	increment development district be formed;
1013	1013	(2) order that a formation determination among
1014	1014	the owners of real property within the proposed district be
1015	1015	conducted or declare that the formation determination is waived
1016	1016	.229982.2
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1044	1044	pursuant to Subsection B of Section 5-15-8 NMSA 1978; and
1045	1045	(3) set the matter for an election or declare
1046	1046	that an election is canceled pursuant to Subsection I of
1047	1047	Section 5-15-8 NMSA 1978."
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1049	1049	.229982.2