The bill authorizes the issuance of bonds up to one billion dollars ($1,000,000,000) secured by a state gross receipts tax increment for a tax increment development district encompassing all land owned by the state, known as the "state fairgrounds," located within the city of Albuquerque. The legislation includes provisions for the New Mexico finance authority to review and approve the bond issuance and ensures that the proceeds are used in accordance with the district's tax increment development plan. Additionally, it specifies that the authorization for bond issuance will last for twenty-five years from the date of the first bond issuance unless modified or repealed by the legislature.

Furthermore, the bill prohibits the approval of any capital outlay projects within the designated tax increment development district while bonds are outstanding, with exceptions for state-owned public school buildings, higher education facilities, cultural buildings, and infrastructure for public safety or other public purposes. The effective date of the bill is contingent upon the approved formation of the tax increment development district, which must be communicated to various state authorities upon its establishment.