This bill proposes significant amendments to various taxation laws in New Mexico, focusing on adjustments to tax rates and the repeal of outdated provisions. It aims to reduce rates for several taxes, including the gross receipts tax and corporate income tax, while increasing the bingo and raffle tax rate. The bill also introduces a gross receipts tax exemption for donations to nonprofit organizations and imposes new registration fees for electric and plug-in hybrid vehicles. Additionally, it removes the authorization for using state gross receipts tax increments for metropolitan redevelopment projects and repeals multiple tax acts and credits, including the estate tax act and various job and investment tax credits.

Furthermore, the bill modifies the procedures for tax increment financing and clarifies the roles of local governments in dedicating tax increments for redevelopment projects. It introduces new definitions related to tax increment financing, including "county option gross receipts taxes" and "sustainable development," and allows municipalities and counties to dedicate increments of their gross receipts taxes to secure bonds for development projects. The bill also establishes a framework for public support for economic development projects, mandates reporting requirements for transparency, and updates various sections of the New Mexico Statutes to enhance the efficiency of tax administration. Overall, the bill seeks to streamline tax regulations, promote economic growth, and ensure accountability in the use of public funds.

Statutes affected:
introduced version: 3-31-1, 3-31-1.1, 3-60A-23, 3-60A-23.1, 3-65-8, 3-66-8, 5-10-17, 5-15-20, 5-15-27, 6-22-2, 6-23-8, 7-1-2, 7-1-6.15, 7-1-6.42, 7-1-6.53, 7-1-6.62, 7-1-6.69, 7-1-6.70, 7-1-8.8, 7-1-13.1, 7-1-26, 7-1-29, 7-1-68, 7-2-7, 7-2-34, 7-2A-5, 7-9-4, 7-9-4.3, 7-9-7, 7-9-13.2, 7-9-18, 7-9-26, 7-9-41.5, 7-9-46, 7-9-46.1, 7-9-58, 7-9-59, 7-9-62, 7-9-77, 7-9-78.1, 7-9-90, 7-9-110.1, 7-9-120, 7-14A-3, 7-16A-21, 7-27-5.26, 7-27-5.27, 7-1-6.13, 52-6-23, 59A-5-11, 59A-5-23, 59A-6-3, 59A-6-6, 59A-6-8, 59A-15-4, 59A-20-33, 59A-22-50, 59A-23C-10, 59A-23F-6.1, 59A-23F-11, 59A-34-33, 59A-39-5, 59A-47-3, 59A-47-8, 59A-54-3, 59A-54-7.1, 60-2F-21, 66-3-7, 66-3-118, 66-3-401, 66-3-1006, 66-6-23, 66-6-25, 66-12-5.2, 66-12-6.1, 3-60A-49, 6-21-5.1, 7-2E-1.1, 7-9G-1