1. A. A distribution for a metropolitan redevelopment project pursuant to the Metropolitan Redevelopment Code [Chapter 3, Article 60A NMSA 1978] shall be made to the metropolitan redevelopment fund in accordance with the provisions of Subparagraph (b) of Paragraph (4) of Subsection B of Section 3-60A-21 NMSA 1978 with respect to a dedication of a gross receipts tax increment.
2. B. The department shall withhold an administrative fee of three percent of the net amount to be distributed pursuant to Subsection A of this section, and the money from the fee shall be remitted to the state treasurer for deposit in the general fund each month.

History: Laws 2023, ch. 112, § 11; 2024, ch. 59, § 7; 2024, ch. 62, § 2.

ANNOTATIONS

The 2024 Multiple Amendments. — Laws 2024, ch. 59, § 7, effective July 1, 2025, and Laws 2024, ch. 62, § 2, effective January 1, 2025, enacted different amendments to this section that can be reconciled. Pursuant to 12-1-8 NMSA 1978, Laws 2024, ch. 62, § 2 as the last act signed by the governor is set out above and incorporates both amendments. The amendments enacted by Laws 2024, ch. 59, § 7 and Laws 2024, ch. 62, § 2 are described below. To view the session laws in their entirety, see the 2024 session laws on NMOneSource.com.

The nature of the difference between the amendments is that Laws 2024, ch. 59, § 7, required the taxation and revenue department to withhold an administrative fee of three percent of the net amount on metropolitan redevelopment project distributions, and Laws 2024, ch. 62, § 2, provided that a distribution for a metropolitan redevelopment project pursuant to the Metropolitan Redevelopment Code shall be made to the metropolitan redevelopment fund in accordance with Subparagraph B(4)(b) of § 3-60A-21 NMSA 1978.

Laws 2024, ch. 62, § 2, effective January 1, 2025, provided that a distribution for a metropolitan redevelopment project pursuant to the Metropolitan Redevelopment Code shall be made to the metropolitan redevelopment fund in accordance with Subparagraph B(4)(b) of § 3-60A-21 NMSA 1978; and after "in accordance with", deleted "a notice filed by a municipality or county pursuant to", and added "the provisions of Subparagraph (b) of Paragraph (4) of Subsection B of".

Laws 2024, ch. 59, § 7, effective July 1, 2025, required the taxation and revenue department to withhold an administrative fee of three percent of the net amount on metropolitan redevelopment project distributions, and made certain technical amendments; in the section heading, added "administrative fee"; and added new Subsection B.