AN ACT

RELATING TO STATE BUILDINGS; INCREASING THE GROSS RECEIPTS TAX DISTRIBUTION TO THE STATE BUILDING BONDING FUND; MAKING AN APPROPRIATION.

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

     Section 1. Section 7-1-6.42 NMSA 1978 (being Laws 2001, Chapter 199, Section 12, as amended) is amended to read:

     "7-1-6.42. DISTRIBUTION--STATE BUILDING BONDING

FUND--GROSS RECEIPTS TAX.--A distribution pursuant to

Section 7-1-6.1 NMSA 1978 shall be made to the state building bonding fund in the amount of five hundred ninety thousand dollars ($590,000) from the net receipts attributable to the gross receipts tax imposed by the Gross Receipts and Compensating Tax Act. 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."

     Section 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2008.