A local government may elect by resolution to use the procedures set forth in the Tax Increment Law 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. ANNOTATIONSCompiler's notes. — Laws 2024, ch. 62, § 3 changed the effective date of Laws 2023, ch. 112 from July 1, 2024 to January 1, 2025. 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.
New Mexico Legal Code