SENATE BILL

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

INTRODUCED BY

Pat Woods and Elizabeth "Liz" Stefanics

FOR THE ECONOMIC AND RURAL DEVELOPMENT COMMITTEE

AN ACT

RELATING TO PUBLIC FINANCES; ALLOWING MUNICIPALITIES TO PROVIDE A CERTAIN PERCENTAGE OF 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.--Starting on July 1, 2021 and ending on June 30, 2030, municipalities may use up to twenty-five percent of 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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