SENATE HEALTH AND PUBLIC AFFAIRS COMMITTEE SUBSTITUTE FOR

SENATE BILL 49

55th legislature - STATE OF NEW MEXICO - first session, 2021

AN ACT

RELATING TO PUBLIC FINANCES; ALLOWING MUNICIPALITIES TO PROVIDE LOCAL ECONOMIC DEVELOPMENT ACT FUNDING TO RETAIL BUSINESSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

     SECTION 1. A new section of the Local Economic Development Act is enacted to read:

     "[NEW MATERIAL] MUNICIPAL LOCAL ECONOMIC DEVELOPMENT ACT FUNDING--APPROVED USES.--Notwithstanding the provisions of Subparagraph (b) of Paragraph (2) of Subsection M of Section 5-10-3 NMSA 1978, starting on July 1, 2021 and ending on June 30, 2030, municipalities may use municipal Local Economic Development Act funding for expansion of existing retail businesses or recruitment of new retail businesses if the economic development project is not funded or financed with state government revenues; provided that no funding shall be provided to an existing retail business to relocate from another location in New Mexico if the business does not remain in its previous location in New Mexico."

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