New Mexico Finance Department Adopts Rules on Gross Receipts Tax Increment for Redevelopment

The New Mexico Department of Finance and Administration adopted regulations establishing procedures and requirements for dedicating a portion of the state gross receipts tax increment to metropolitan redevelopment projects. The adopted rules provide guidance for board evaluation of local government requests by defining terms setting forth the bases upon which the required findings are to be made, and outline the methodological framework to be used. The rules also set forth procedures for submitting applications for a dedication, and establish reporting requirements. [N.M. Tax’n & Revenue Dep’t, Regs, NMAC 2.61.2, 03/24/26]