NMSA 1978, § 7-1-6.67 — 7-1-6.67

Distribution; Local Economic Development Act Fund;
administrative fee.

# A.

A distribution pursuant to Section 7-1-6.1 NMSA 1978 shall be made to the Local
Economic Development Act fund equal to the following amounts of the following taxes
imposed and paid on the expenses related to the construction of the qualifying entity's
economic development project, as determined pursuant to Section 5-10-17 NMSA
1978:
(1) fifty percent of the net receipts attributable to state gross receipts tax and
the state compensating tax; and
(2) fifty percent of the net receipts attributable to the local option gross
receipts tax and county compensating tax imposed by a county and local option gross
receipts tax and municipal compensating tax imposed by a municipality.

# B.

The department shall withhold an administrative fee of three percent of the net
amount to be distributed pursuant to Subsection A of this section, and the money from
the fee shall be remitted to the state treasurer for deposit in the general fund each
month.

# C.

As used in this section:
(1) "economic development project" means "economic development project"
as used in the Local Economic Development Act [Chapter 5, Article 10 NMSA 1978];
and
(2) "qualifying entity" means "qualifying entity" as used in the Local Economic
Development Act.