New Mexico Finance Department Adopts Regulations on Gross Receipts Tax Increment

The New Mexico Department of Finance and Administration has adopted new regulations governing the dedication of a portion of the state’s gross receipts tax increment for metropolitan redevelopment projects. The regulations establish comprehensive application procedures, evaluation methodologies, and reporting requirements for local governments seeking to use the state’s gross receipts tax increment to finance redevelopment in blighted areas. The regulations took effect March 24. [N.M. Dep’t of Fin. & Admin./Bd. of Fin., Reg. Section 2.61.2, 03/24/26 N.M. Reg.]