0001|                            HOUSE BILL 887
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0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003|                            INTRODUCED BY
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0004|                          WILLIAM E. PORTER
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0005|     
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0006|                                   
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0007|     
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0008|                                   
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0009|     
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0010|                                AN ACT
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0011|     RELATING TO PROPERTY TAXATION; AMENDING A SECTION OF THE
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0012|     PROPERTY TAX CODE TO REDUCE THE PERIOD FOR WHICH INDUSTRIAL
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0013|     REVENUE BONDS MAY BE ISSUED.
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0014|     
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0015|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0016|          Section 1.  Section 7-36-3 NMSA 1978 (being Laws 1975,
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0017|     Chapter 218, Section 1, as amended) is amended to read:
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0018|          "7-36-3.  INDUSTRIAL REVENUE BOND AND POLLUTION CONTROL
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0019|     BOND PROJECT PROPERTY--TAX STATUS.--
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0020|               A.  Property interests of a lessee in project
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0021|     property held under a lease from a county or a municipality
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0022|     under authority of an industrial revenue bond or pollution
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0023|     control revenue bond act are exempt from property taxation for
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0024|     as long as there is an outstanding bonded indebtedness under
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0025|     the terms of the revenue bonds issued for the acquisition of
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0001|     the project property, but in no event for a period of more than
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0002|     thirty years from the date of execution of the first lease of
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0003|     the project to the lessee by the county or municipality <u>for
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<u></u>0004| <u>    pollution control revenue bonds and fifteen years from that
</u>    |
<u></u>0005| <u>    date for industrial revenue bonds</u>.
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0006|               B.  Property interests of a person, other than a
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0007|     public utility, arising out of the purchase of a project
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0008|     authorized by the Industrial Revenue Bond Act, the County
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0009|     Industrial Revenue Bond Act or the Pollution Control Revenue
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0010|     Bond Act are exempt from property taxation for as long as the
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0011|     project purchaser remains liable to the project seller for any
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0012|     part of the purchase price, but not to exceed thirty years from
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0013|     the date of execution of the sale agreement <u>if the project was
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<u></u>0014| <u>    authorized by the Pollution Control Revenue Bond Act or not to
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<u></u>0015| <u>    exceed fifteen years if the project was authorized by the
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<u></u>0016| <u>    Industrial Revenue Bond Act or the County Industrial Revenue
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<u></u>0017| <u>    Bond Act</u>.
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0018|               C.  The exemptions from property taxation under
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0019|     Subsections A and B of this section are not cumulative."    
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0020|          Section 2.  APPLICABILITY.--The provisions of this act
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0021|     apply to industrial revenue bonds and pollution control revenue
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0022|     bonds issued on or after the effective date of this act.
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0023|                                  
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