N.M. Stat. Ann. § 3-60A-20
A local government may elect by resolution to use the procedures set forth in the Tax Increment Law [3-60A-19 through 3-60A-24 NMSA 1978] for funding metropolitan redevelopment projects. Such procedures may be used in addition to or in conjunction with other methods provided by law for funding such projects.
History: Laws 1979, ch. 391, § 20; 2018, ch. 60, § 19; 2023, ch. 112, § 3.
Compiler's notes. — Laws 2024, ch. 62, § 3 changed the effective date of Laws 2023, ch. 112 from July 1, 2024 to January 1, 2025.
Cross references. — For the Redevelopment Bonding Law, see 3-60A-26 NMSA 1978 et seq.
The 2023 amendment, effective January 1, 2025, provided that a local government may elect by resolution to use the procedures set forth in the Tax Increment Law for funding metropolitan redevelopment projects; in the section heading, added "funding", and deleted "of financing"; deleted "Effective for tax years beginning on or after January 1, 1980, the", after "Tax Increment Law for", deleted "financing" and added "funding", and after "provided by law for", deleted "financing" and added "funding"; and deleted Subsection B.
The 2018 amendment, effective May 16, 2018, extended the powers and duties as identified in the Metropolitan Redevelopment Code from only municipalities to now include counties; and after "the local", deleted "governing body of a municipality" and added "government".