New Mexico Establishes State Fairgrounds District, Includes Property, Sales and Use Tax Provisions

The New Mexico Governor signed the State Fairgrounds District Act. The law includes: 1) authorizing issuance of revenue bonds secured by 75 percent of the state gross receipts tax revenue generated within the district and 75 percent of gaming tax revenue collected from the Downs Casino and any gaming-related businesses operating within the district; and 2) allowing imposition of a property tax with voter approval. The law takes effect 90 days following adjournment of the Legislature. [S.B. 481, enacted 04/07/25]

This story was produced by Bloomberg Tax Automation, and edited by Bloomberg Tax staff.