The bill seeks to modernize and streamline various taxation and redevelopment provisions in New Mexico, particularly focusing on the Metropolitan Redevelopment Code and the Tax Increment for Development Act. Key amendments include increasing the threshold for taxpayers to qualify for quarterly or semiannual filing, allowing the Secretary of Taxation and Revenue to compromise on asserted liabilities, and removing the requirement for Attorney General approval on refunds exceeding $20,000. The bill also enhances transparency by increasing the amount of tax-related agreements and credits available for public inspection and allows for the recording of tax liens without a notary signature. Notably, it mandates the state board of finance to create rules for dedicating a state gross receipts tax increment for funding metropolitan redevelopment projects and clarifies definitions related to gross receipts and property tax increments.

Additionally, the bill introduces new provisions regarding the distribution of funds to municipalities and counties, specifying adjustments based on net receipts from various taxes, and clarifies the recovery process for amounts owed to the department. It also updates terminology throughout the text, replacing "municipality or county" with "distribution recipient" to reflect a broader scope of eligible entities. The bill aims to enhance the efficiency of tax administration, support local governments in redevelopment efforts, and ensure accountability in the distribution of funds while promoting sustainable development and economic growth in New Mexico.

Statutes affected:
introduced version: 3-60A-21, 5-15-9, 5-15-21, 5-15-25.1, 5-15-25.2, 5-15-25.3, 5-15-27, 7-1-4.4, 7-1-6.2, 7-1-6.4, 7-1-6.5, 7-1-6.9, 7-1-6.15, 7-1-6.16, 7-1-6.18, 7-1-6.26, 7-1-6.27, 7-1-6.30, 7-1-6.46, 7-1-6.47, 7-1-6.58, 7-1-6.68, 7-1-13.1, 7-1-15, 7-1-20, 7-1-26, 7-1-28, 7-1-29, 7-1-37, 7-1-38, 7-1-39, 7-1-79, 7-2-12, 7-2-12.1, 7-2-18.16, 7-2-18.17, 7-2-18.22, 7-2-18.24, 7-2-18.26, 7-2-18.29, 7-2-18.31, 7-2-18.32, 7-2-18.35, 7-2-18.38, 7-2-24, 7-2-28.1, 7-2-31.1, 7-2-39, 7-2-40, 7-2-41, 7-2A-9, 7-2A-24, 7-2A-24.1, 7-2A-26, 7-2A-28, 7-2A-28.1, 7-2A-31, 7-2C-12, 7-2E-1.1, 7-3-7, 7-3-13, 7-3A-9, 7-9-9, 7-9-18.1, 7-9-43, 7-9-46, 7-9-56.3, 7-9-62, 7-9-62.1, 7-9-73.2, 7-9-73.3, 7-9-77.2, 7-9-83, 7-9-84, 7-9-90, 7-9-91, 7-9-93, 7-9-94, 7-9-95, 7-9-103.1, 7-9-103.2, 7-9-110.3, 7-9-112.1, 7-9-115, 7-9-116, 7-9-119, 7-9A-5, 7-9C-7, 7-9G-1, 7-13-3.5, 7-13A-3, 7-13A-5, 7-16A-9.4, 7-16A-15, 7-16B-4, 7-19-11, 7-19-12, 7-19-13, 7-19-14, 7-19-16, 7-19D-3, 7-19D-5, 7-19D-17, 7-20E-3, 7-20E-13, 7-20E-18, 7-20E-26, 7-26-2, 7-29-2, 7-29-4, 7-29-5, 7-29-6, 7-29-7, 7-29-8, 7-29-23, 7-30-2, 7-30-4, 7-30-9, 7-30-27, 7-31-2, 7-31-4, 7-31-6, 7-31-8, 7-31-9, 7-31-10, 7-31-11, 7-31-26, 7-32-2, 7-32-4, 7-32-6, 7-32-8, 7-32-9, 7-32-10, 7-32-11, 7-32-13, 7-32-28, 7-33-4, 7-34-2, 7-34-3, 7-34-4, 7-34-5, 7-34-6, 7-34-7, 7-40-5, 14-8-4, 24A-8-2, 24A-8-3, 24A-8-6, 52-5-19, 67-3-8.1, 7-2-7, 7-1-6.66