NMSA 1978 Chapter 7 — Taxation
NMSA 1978, § 7-19D-19
Municipal flood recovery gross receipts tax
# A.
The majority of the members of the governing body of a municipality may impose by ordinance an excise tax at a rate not to exceed three-eighths percent of the gross receipts of a person engaging in business in the municipality for the privilege of engaging in business. The tax may be imposed in increments of one-thousandth percent not to exceed an aggregate rate of three-eighths percent. The tax shall be imposed until the flood recovery revenue bonds issued pursuant to Section 3-31-1 NMSA 1978 are fully discharged or otherwise provided for in full.
# B.
The tax imposed pursuant to this section may be referred to as the "municipal flood recovery gross receipts tax".
# C.
A governing body, at the time of enacting an ordinance imposing a rate of tax authorized in Subsection A of this section, shall dedicate the revenue only for payment of flood recovery revenue bonds issued pursuant to Section 3-31-1 NMSA 1978.
Amendment history
Laws 2025, ch. 24, § 3.
Source: official source (NMSA chapter on nmonesource.com)
In this article (20 sections)
- 7-19D-1 · Short title
- 7-19D-2 · Definitions
- 7-19D-3 · Effective date of ordinance
- 7-19D-4 · 7-19D-4
- 7-19D-5 · Specific exemptions
- 7-19D-6 · Copy of ordinance to be submitted to department
- 7-19D-7 · Collection by department
- 7-19D-8 · 7-19D-8
- 7-19D-9 · Municipal gross receipts tax; authority to impose rate
- 7-19D-9.1 · Municipal compensating tax
- 7-19D-10 · Repealed
- 7-19D-11 · Repealed
- 7-19D-12 · Repealed
- 7-19D-13 · Repealed
- 7-19D-14 · 7-19D-14
- 7-19D-15 · 7-19D-15
- 7-19D-16 · Municipal higher education facilities gross receipts tax
- 7-19D-17 · 7-19D-17
- 7-19D-18 · Repealed
- 7-19D-19 · Municipal flood recovery gross receipts tax