This bill authorizes the issuance of bonds not to exceed one billion dollars ($1,000,000,000) secured by a state gross receipts tax increment for a tax increment development district that encompasses all land owned by the state, known as the "state fairgrounds," located within the city of Albuquerque. The legislation includes provisions for the state board of finance to dedicate a gross receipts tax increment to cover the costs associated with the bonds, as well as requirements for review and approval by the New Mexico finance authority prior to bond issuance. Additionally, the bill specifies that the tax increment development district will not be subject to local restrictions on issuing tax increment bonds.

The bill also establishes a duration of twenty-five years for the bond issuance authorization and prohibits the approval of certain capital outlay projects within the district while any bonds are outstanding, with exceptions for state-owned public facilities. Furthermore, it allows for economic development projects to be authorized during this period. The effective date of the bill is contingent upon the approved formation of the tax increment development district, which must be reported to various state authorities upon its establishment.