A. Beginning July 1, 2025, after a transfer is made pursuant to Section 7-1-6.13 NMSA 1978, a distribution shall be made by the department to a special fund of the state fairgrounds district in an amount equal to seventy-five percent of the net receipts attributable to the gross receipts tax from business locations within the state fairgrounds district. Except as provided in Subsection D of this section, the distribution shall be made until the bonds issued pursuant to the State Fairgrounds District Act [Chapter 6, Article 35 NMSA 1978] are fully discharged or otherwise provided for in full. B. Beginning July 1, 2025, a distribution shall be made by the department to a special fund of the state fairgrounds district in an amount equal to seventy-five percent of the net receipts attributable to the gaming tax from locations on the state fairgrounds district. Except as provided in Subsection D of this section, the distribution shall be made until the bonds issued pursuant to the State Fairgrounds District Act are fully discharged or otherwise provided for in full. C. The distributions provided by this section may be adjusted for other required distributions under the Tax Administration Act. D. Immediately after approval of a proposed issuance of bonds by the state fairgrounds district pursuant to Section 7 [6-35-7 NMSA 1978] of the State Fairgrounds District Act, the state board of finance and the New Mexico finance authority shall notify the secretary of taxation and revenue. Immediately after issuing bonds pursuant to Section 7 of the State Fairgrounds District Act, the state fairgrounds district shall notify the secretary of taxation and revenue. If, by June 30, 2029, the state board of finance and the New Mexico finance authority have not approved of a proposed issuance of bonds or the state fairgrounds district has not issued bonds: (1) no further distributions shall be made; and (2) all money from distributions made prior to June 30, 2029 pursuant to this section shall revert to the general fund. E. As used in this section, "state fairgrounds district" means land owned by the state, commonly known as the "state fairgrounds", and lying within the exterior boundaries of the city of Albuquerque as of July 1, 2025 and land contiguous to the state fairgrounds that may be subsequently acquired by that district or another public entity and included in the boundaries of the district by the district's board. History: Laws 2025, ch. 83, § 13.
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