A. If, by June 30 of each fiscal year, the net receipts for that fiscal year of the money received by the state pursuant to the federal Mineral Leasing Act exceed the annual average amount, the excess amount above the annual average amount shall be distributed to the early childhood education and care fund and attributed to that fiscal year. B. If, by June 30, 2025, and by June 30 of each fiscal year thereafter, the remaining amount of the net receipts for that fiscal year of the money received by the state pursuant to the federal Mineral Leasing Act after the distribution pursuant to Subsection A of this section exceeds the threshold amount, the excess shall be distributed to the severance tax permanent fund.C. The department of finance and administration shall make the calculations to determine if excess amounts shall be distributed pursuant to this section. If there is an excess amount, the distribution shall be made as soon as practicable. If there is not an excess amount, no distribution shall be made.D. As used in this section:(1) 'annual average amount' means the total net receipts attributable to money received by the state pursuant to the federal Mineral Leasing Act in stribution shall be made.D. As used in this section:(1) 'annual average amount' means the total net receipts attributable to money received by the state pursuant to the federal Mineral Leasing Act in the immediately preceding five fiscal years, divided by five; and(2) 'threshold amount' means the net receipts of the money received by the state pursuant to the federal Mineral Leasing Act distributed in fiscal year 2024 pursuant to Subsection B of Section 22-8-34 NMSA 1978.History: Laws 2020, ch. 3, § 3; 2023, ch. 22, § 3. ANNOTATIONSCross references. — For the federal Mineral Leasing Act, see 30 U.S.C. The 2023 amendment, effective July 1, 2024, provided for the distribution of certain federal Mineral Leasing Act payments to the severance tax permanent fund, and defined 'threshold amount' as used in this section; in Subsection A, deleted 'June 30, 2022 and by', after 'each fiscal year', deleted 'thereafter', after 'the excess', added 'amount above the annual average amount', and, deleted 'If there is an excess amount, the distribution shall be made as soon as practicable. If there is not an excess amount, no distribution shall be made to the fund. annual average amount', and, deleted 'If there is an excess amount, the distribution shall be made as soon as practicable. If there is not an excess amount, no distribution shall be made to the fund. The department of finance and administration shall make the calculation to determine if an excess amount shall be distributed.'; added new Subsections B and C and redesignated former Subsection B as Subsection D; and added Subsection D(2).
New Mexico Legal Code