New Mexico 2025 Regular Session

New Mexico Senate Bill SB348 Compare Versions

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

Old	New	Differences
1	1	underscored material = new
2	2	[bracketed material] = delete
3	3	1
4	4	2
5	5	3
6	6	4
7	7	5
8	8	6
9	9	7
10	10	8
11	11	9
12	12	10
13	13	11
14	14	12
15	15	13
16	16	14
17	17	15
18	18	16
19	19	17
20	20	18
21	21	19
22	22	20
23	23	21
24	24	22
25	25	23
26	26	24
27	27	25
28	28	SENATE BILL 348
29	29	57
30	30	TH LEGISLATURE
31	31	-
32	32
33	33	STATE
34	34
35	35	OF
36	36
37	37	NEW
38	38
39	39	MEXICO
40	40
41	41	-
42	42	FIRST SESSION
43	43	,
44	44
45	45	2025
46	46	INTRODUCED BY
47	47	James G. Townsend and Gabriel Ramos and Jay C. Block
48	48	AN ACT
49	49	RELATING TO PUBLIC FUNDS; REQUIRING THE STATE TO MAKE PAYMENTS
50	50	IN LIEU OF TAXES TO POLITICAL SUBDIVISIONS WHEN ACQUIRING REAL
51	51	PROPERTY; PROVIDING AN EXEMPTION FOR THE DEPARTMENT OF
52	52	TRANSPORTATION; CREATING THE PAYMENTS IN LIEU OF TAXES FUND;
53	53	MAKING AN APPROPRIATION.
54	54	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
55	55	SECTION 1. [NEW MATERIAL] PAYMENTS IN LIEU OF TAXES FOR
56	56	STATE-ACQUIRED REAL PROPERTY--ADJUSTMENTS IN PAYMENTS.--
57	57	A. Whenever the state acquires fee simple ownership
58	58	of real property by purchase or eminent domain, the state shall
59	59	annually make payments in lieu of taxes to any political
60	60	subdivision of the state that imposed and received the revenues
61	61	of a property tax on the acquired real property prior to
62	62	acquisition by the state. The payments in lieu of taxes shall
63	63	.229830.1 underscored material = new
64	64	[bracketed material] = delete
65	65	1
66	66	2
67	67	3
68	68	4
69	69	5
70	70	6
71	71	7
72	72	8
73	73	9
74	74	10
75	75	11
76	76	12
77	77	13
78	78	14
79	79	15
80	80	16
81	81	17
82	82	18
83	83	19
84	84	20
85	85	21
86	86	22
87	87	23
88	88	24
89	89	25
90	90	commence with the calendar year following state acquisition and
91	91	shall continue so long as the state retains ownership.
92	92	B. A state agency that intends to acquire fee
93	93	simple ownership of real property shall inquire with the clerk
94	94	of the county in which the property is situated as to the
95	95	annual property tax liability of the property for the prior
96	96	year. Annually, that state agency shall remit to the state
97	97	treasurer for deposit in the payments in lieu of taxes fund an
98	98	amount equal to the annual property tax liability for the
99	99	property being acquired.
100	100	C. All payments in lieu of taxes are contingent
101	101	upon sufficient appropriations and authorization being made by
102	102	the New Mexico legislature for the performance of the
103	103	provisions of this section. If sufficient appropriations and
104	104	authorization are not made by the legislature in any year, the
105	105	provisions of this section are suspended for that year.
106	106	D. The property tax division of the taxation and
107	107	revenue department shall promulgate rules to specify how
108	108	payments in lieu of taxes shall be paid pursuant to Subsection
109	109	A of this section and shall be adjusted from year to year,
110	110	taking into consideration factors that include changes in
111	111	property values and tax rates.
112	112	E. The provisions of this section shall not apply
113	113	to property purchased by or on behalf of the department of
114	114	transportation for the purposes of a public roadway or highway.
115	115	.229830.1
116	116	- 2 - underscored material = new
117	117	[bracketed material] = delete
118	118	1
119	119	2
120	120	3
121	121	4
122	122	5
123	123	6
124	124	7
125	125	8
126	126	9
127	127	10
128	128	11
129	129	12
130	130	13
131	131	14
132	132	15
133	133	16
134	134	17
135	135	18
136	136	19
137	137	20
138	138	21
139	139	22
140	140	23
141	141	24
142	142	25
143	143	SECTION 2. [NEW MATERIAL] PAYMENTS IN LIEU OF TAXES FUND
144	144	CREATED--AUTHORIZED PAYMENTS IN LIEU OF TAXES.--The "payments
145	145	in lieu of taxes fund" is created as a nonreverting fund within
146	146	the state treasury. The fund consists of appropriations,
147	147	gifts, grants, donations, income from investment of the fund
148	148	and any other money distributed or otherwise allocated to the
149	149	fund. The taxation and revenue department shall administer the
150	150	fund, and money in the fund is appropriated to the taxation and
151	151	revenue department to make payments to political subdivisions
152	152	of the state in lieu of taxes for state-acquired real property
153	153	pursuant to Section 1 of this 2025 act. Disbursements from the
154	154	fund shall be made by warrant of the secretary of finance and
155	155	administration pursuant to vouchers signed by the secretary of
156	156	taxation and revenue or the secretary's authorized
157	157	representative.
158	158	SECTION 3. EFFECTIVE DATE.--The effective date of the
159	159	provisions of this act is July 1, 2025.
160	160	- 3 -
161	161	.229830.1