A. A transfer pursuant to Section 7-1-6.1 NMSA 1978 shall be made to each municipality for which the department is collecting a local option gross receipts tax and municipal compensating tax imposed by that municipality in an amount, subject to any increase or decrease made pursuant to Section 7-1-6.15 NMSA 1978, equal to the net receipts attributable to the local option gross receipts tax and municipal compensating tax imposed by that municipality, less any deduction for administrative cost determined and made by the department pursuant to the provisions of the act authorizing imposition by that municipality of the local option gross receipts tax and municipal compensating tax and any additional administrative fee withheld pursuant to Section 7-1-6.41 NMSA 1978.
B. A transfer pursuant to this section may be adjusted for a distribution made to a tax increment development district with respect to a portion of a gross receipts tax increment dedicated by a municipality pursuant to the Tax Increment for Development Act [Chapter 5, Article 15 NMSA 1978].
History: 1978 Comp., § 7-1-6.12, enacted by Laws 1983, ch. 211, § 17; 1986, ch. 20, § 8; 1990, ch. 99, § 46; 1991, ch. 9, § 12; 1993, ch. 30, § 1; 1997, ch. 125, § 2; 2006, ch. 75, § 31; 2019, ch. 270, § 5.
Cross references. — For the solid waste facility grant fund, see 74-9-41 NMSA 1978.
The 2019 amendment, effective July 1, 2019, included municipal compensating tax with the local option gross receipts tax, the revenues of which are used to make transfers to each municipality; in the section heading, added "and compensating"; and in Subsection A, after each occurrence of "local option gross receipts", added "tax and municipal compensating", and after "pursuant to", deleted "Subsection C of".
The 2006 amendment, effective March 6, 2006, added Subsection B to provide an adjustment for a distribution to a tax increment development district.
The 1997 amendment, effective July 1, 1997, added the language beginning "and any additional administrative".
The 1993 amendment, effective June 18, 1993, inserted "local option" in the catchline and rewrote this section to the extent that a detailed comparison is impracticable.
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