2011 New Mexico Statutes
Chapter 7: Taxation
Article 1: Administration, 7-1-1 through 7-1-82
Section 7-1-6.42: Distribution; state building bonding fund; gross receipts tax. (Contingent effective date. See note below.)
7-1-6.42. Distribution; state building bonding fund; gross receipts tax. (Contingent effective date. See note below.)
A distribution pursuant to Section 7-1-6.1 NMSA 1978 shall be made to the state building bonding fund in the amount of six hundred eighty thousand dollars ($680,000) from the net receipts attributable to the gross receipts tax imposed by the Gross Receipts and Compensating Tax Act [7-9-1 NMSA 1978]. The distribution shall be made:
A. after the required distribution pursuant to Section 7-1-6.4 NMSA 1978;
B. contemporaneously with other distributions of net receipts attributable to the gross receipts tax for payment of debt service on outstanding bonds or to a fund dedicated for that purpose; and
C. prior to any other distribution of net receipts attributable to the gross receipts tax.
Disclaimer: These codes may not be the most recent version. New Mexico may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
