New Mexico § 5-10-14 - Local Economic Development Act fund
Full text of New Mexico New Mexico Statutes Annotated § 5-10-14 — Local Economic Development Act fund, with citation guidance and answers to common questions.
§ 5-10-14. Local Economic Development Act fund
A. The “Local Economic Development Act fund” is created in the state treasury. Income from the fund shall be credited to the fund. Money in the fund shall not revert or be transferred to any other fund at the end
of a fiscal year. The department shall administer the fund, and money in the fund is appropriated
to the department to pay the cost of administering the fund and for economic development
projects pursuant to the Local Economic Development Act. Money in the fund shall be expended on warrants of the department of finance and
administration pursuant to vouchers signed by the secretary of economic development. B. The following may be used to provide public support for certain economic development
projects of qualifying entities pursuant to Section 2 of this 2021 act and shall be
separately accounted for in the fund: (1) fifty percent of the tax revenue attributable to the state gross receipts tax
and the state compensating tax, as determined pursuant to Subsection A of Section
2 of this 2021 act, and distributed pursuant to Subsection A of Section 5 of this
2021 act; and (2) that portion of the tax revenue 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 dedicated pursuant to
Subsection B of Section 2 of this 2021 act and distributed pursuant to Subsection
B of Section 5 of this 2021 act.
Source: official New Mexico text · Last verified 2026-08-27
Frequently Asked Questions About New Mexico § 5-10-14
What does New Mexico Statutes Annotated § 5-10-14 cover?
Section 5-10-14 ("Local Economic Development Act fund") is part of the New Mexico Statutes Annotated, the codified statutory law of New Mexico. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Mexico § 5-10-14?
A common citation format is "New Mexico Statutes Annotated § 5-10-14" (New Mexico). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Mexico law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Mexico official source linked on this page or consult a licensed New Mexico attorney.
How does New Mexico § 5-10-14 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Mexico can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Mexico.