Section 6-25-14 – Tax impact fund.
A. The “tax impact fund” is created within the state treasury. The tax impact fund shall consist of money appropriated to the fund and money distributed to the fund by law. Money remaining in the tax impact fund at the end of each fiscal year shall not revert, but shall remain in the fund for […]
Section 6-24-34 – Criminal provisions of act in addition to any existing Criminal Code provisions.
The criminal provisions of the New Mexico Lottery Act are not intended to and do not replace or preempt prosecution for Criminal Code [30-1-1 NMSA 1978] violations based on identical or similar conduct. History: Laws 1995, ch. 155, § 34. ANNOTATIONS Cross references. — For criminal offenses related to gambling, see Chapter 30, Article 19 […]
Section 6-25-1 – Short title.
Chapter 6, Article 25 NMSA 1978 may be cited as the “Statewide Economic Development Finance Act”. History: Laws 2003, ch. 349, § 1; 2005, ch. 103, § 1. ANNOTATIONS The 2005 amendment, effective April 4, 2005, substituted “Chapter 6, Article 25 NMSA 1978” for “Sections 1 through 16 of this act”.
Section 6-25-2 – Findings and purpose.
A. The legislature finds that: (1) it is important for government to promote, support and assist in developing a thriving economic base within the state; increase opportunities for gainful employment and improved living conditions; assist in promoting a balanced and productive economy; encourage the flow of private capital for investment in productive enterprises; and otherwise […]
Section 6-25-3 – Definitions.
As used in the Statewide Economic Development Finance Act: A. “authority” means the New Mexico finance authority; B. “department” means the economic development department; C. “community development entity” means an entity designed to take advantage of the federal new markets tax credit program; D. “economic development assistance provisions” means the economic development assistance provisions of […]
Section 6-25-4 – Economic development department; additional powers.
Consistent with the provisions of the Statewide Economic Development Finance Act, the department may: A. acquire, whether by construction, purchase, gift or lease, and hold fee simple title to or other interest in any project; B. enter into a lease of property in connection with any project; C. sell, lease or otherwise dispose of any […]
Section 6-25-5 – Additional duties of the economic development department and the New Mexico finance authority; opt-in agreements.
A. For the purpose of recommending projects to the authority for financing assistance, the department and the authority shall coordinate to: (1) survey potential eligible entities and projects and provide outreach services to local governments and eligible entities, for the purpose of identifying and recommending projects to the authority for financing assistance; (2) evaluate potential […]
Section 6-25-6 – New Mexico finance authority; additional powers and duties.
A. To implement a program to assist eligible entities in financing projects, the authority has the powers specified in this section. B. State projects receiving financing assistance with money in the fund shall first be approved by law. To protect public money in the fund or other public resources, rules of the authority relating to […]
Section 6-25-6.1 – New Mexico finance authority; additional powers; federal new markets tax credit program.
In addition to other powers granted to the authority, the authority may form, operate, own or co-own one or more nonprofit or for-profit qualified community development entities for the purpose of participation in the federal new markets tax credit program, and pursuant to participation in the federal new markets tax credit program may: A. apply […]
Section 6-24-32 – Unlawful sale of lottery ticket; penalty.
A. It is unlawful for: (1) any person to sell a lottery ticket at a price other than that fixed by the authority pursuant to the New Mexico Lottery Act; (2) any person other than the authority or a lottery retailer to sell or resell any lottery ticket; and (3) any person to sell a […]