2021 New Mexico Statutes
Chapter 7 - Taxation
Article 1 - Administration
Section 7-1-6.38 - Distribution; governmental gross receipts tax.
A. A distribution pursuant to Section 7-1-6.1 NMSA 1978 shall be made in amounts equal to the following percentages of the net receipts attributable to the governmental gross receipts tax, less the net receipts attributable to a hospital licensed by the department of health:
(1) seventy-five percent to the public project revolving fund administered by the New Mexico finance authority;
(2) twenty-four percent to the energy, minerals and natural resources department; provided that forty-one and two-thirds percent of the distribution is appropriated to the energy, minerals and natural resources department to implement the provisions of the New Mexico Youth Conservation Corps Act [9-5B-1 to 9-5B-11 NMSA 1978] and fifty-eight and one-third percent of the distribution is appropriated to the energy, minerals and natural resources department for state park and recreation area capital improvements, including the costs of planning, engineering, design, construction, renovation, repair, equipment and furnishings; and
(3) one percent to the cultural affairs department for capital improvements at state museums and monuments administered by the cultural affairs department.
B. The state pledges to and agrees with the holders of any bonds or notes issued by the New Mexico finance authority or by the energy, minerals and natural resources department and payable from the net receipts attributable to the governmental gross receipts tax distributed to the New Mexico finance authority or the energy, minerals and natural resources department pursuant to this section that the state will not limit, reduce or alter the distribution of the net receipts attributable to the governmental gross receipts tax to the New Mexico finance authority or the energy, minerals and natural resources department or limit, reduce or alter the rate of imposition of the governmental gross receipts tax until the bonds or notes together with the interest thereon are fully met and discharged. The New Mexico finance authority and the energy, minerals and natural resources department are authorized to include this pledge and agreement of the state in any agreement with the holders of the bonds or notes.
History: Laws 1994, ch. 145, § 1; 1995, ch. 141, § 21; 2003, ch. 430, § 1; 2019, ch. 270, § 8.
ANNOTATIONSCross references. — For public project revolving fund, see 6-21-6 NMSA 1978.
For appropriations to other funds from the public project revolving fund, see 6-21-6.1 NMSA 1978.
For acquisition of lands for park and recreational purposes, see 16-2-11 NMSA 1978.
The 2019 amendment, effective July 1, 2019, removed net receipts attributable to a hospital licensed by the department of health from the governmental gross receipts tax, from which distributions are made pursuant to Section 7-1-6.1 NMSA 1978, and clarified certain language; in Subsection A, in the introductory clause, after "shall be made", added "in amounts equal to the following percentages of the net receipts attributable to the governmental gross receipts tax, less the net receipts attributable to a hospital licensed by the department of health", added new paragraph designations "(1)" and redesignated former Subsections B through D as Paragraphs A(2), A(3) and Subsection B, respectively, in Paragraph A(1), added "seventy-five percent", and after "finance authority", deleted "in an amount equal to seventy-five percent of the net receipts attributable to the governmental gross receipts tax", in Paragraph A(2), deleted "A distribution pursuant to Section 7-1-6.1 NMSA 1978 shall be made" and added "twenty-four percent", and after "natural resources department", deleted "in an amount equal to twenty-four percent of the net receipts attributable to the governmental gross receipts tax" and added "provided that", in Paragraph A(3), deleted "A distribution pursuant to Section 7-1-6.1 NMSA 1978 shall be made" and added "one percent", and after "cultural affairs", deleted "in an amount equal to one percent of the net receipts attributable to the government gross receipts tax" and added "department".
The 2003 amendment, effective June 20, 2003, in Subsection B, substituted "twenty-four percent" for "twenty-five percent" in the first percentage, "forty-one and two-thirds" for "forty" in the second, and "fifty-eight and one-third" for "sixty" in the third; inserted present Subsection C and redesignated the remaining subsection accordingly.
The 1995 amendment, effective April 5, 1995, inserted "energy, minerals and natural resources" in two places in the second sentence in Subsection B and added Subsection C.
Am. Jur. 2d, A.L.R. and C.J.S. references. — Constitutionality, construction, and application of state and local public-utility-gross-receipts-tax statutes - modern cases, 58 A.L.R.5th 187.
