HOUSE BILL 294

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

INTRODUCED BY

Derrick J. Lente and Raymundo Lara

 

 

 

 

 

AN ACT

RELATING TO REVENUE; DISTRIBUTING A PORTION OF THE INDIAN GAMING REVENUE TO THE LOTTERY TUITION FUND; MAKING AN APPROPRIATION.

 

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

     SECTION 1. APPROPRIATION.--Beginning in the third quarter of fiscal year 2022 and continuing in subsequent fiscal years, one-fourth of the net receipts of all revenue sharing paid to the state in the prior quarter pursuant to a current, valid tribal-state class III gaming compact is appropriated each quarter from the general fund to the lottery tuition fund; provided that the distribution to the lottery tuition fund shall not exceed twenty million dollars ($20,000,000) in any fiscal year. The distribution shall be made on the fifteenth day of the month following the date on which the revenue-sharing money is due and has been received by the state.

     SECTION 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2021.

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