A. A distribution for a tax increment development district shall be made by the department to a special fund of the district, in accordance with a notice that is filed pursuant to Section 5-15-27 NMSA 1978 with respect to a dedication of a gross receipts tax increment, to a special fund of the tax increment development district.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 2006, ch. 75, § 29; 2019, ch. 275, § 9; 2024, ch. 59, § 5. ANNOTATIONSThe 2024 amendment, effective July 1, 2025, required the taxation and revenue department to withhold an administrative fee of three percent of the net amount of tax increment development district distributions, and made certain technical amendments; in the section heading, added 'administrative fee'; and added Subsection B.
New Mexico Legal Code