A. The purpose of the Tax Increment for Development Act is to create a mechanism for providing gross receipts tax financing and property tax financing for public infrastructure for the purpose of supporting economic development and job creation. B. The legislature finds and declares that the powers conferred by the Tax Increment for Development Act are for public uses and purposes for which public money may be expended and the public power exercised, and that it is necessary and in the public interest for the provisions enacted in the Tax Increment for Development Act to be declared as a matter of legislative determination. History: Laws 2006, ch. 75, § 2. ANNOTATIONSEmergency clause. — Laws 2006, ch. 75, § 36 contained an emergency clause and was approved March 6, 2006.
New Mexico Legal Code