New Mexico § 7-1-6.60 - Distribution; county business retention gross receipts tax
Full text of New Mexico New Mexico Statutes Annotated § 7-1-6.60 — Distribution; county business retention gross receipts tax, with citation guidance and answers to common questions.
§ 7-1-6.60. Distribution; county business retention gross receipts tax
Beginning September 1, 2011, an annual distribution pursuant to Section 7-1-6.1 NMSA 1978 shall be made to a county that has imposed and the electors have approved a county
business retention gross receipts tax. The distribution shall be in an amount equal to the balance of the net receipts
attributable to that tax collected in the prior fiscal year, exclusive of penalties
and interest, after the state has deducted an amount for deposit to the general fund
equal to the reduction in gaming tax revenue from the gaming operator licensees that
are racetracks located in that county resulting from county gaming tax credits allowed
in the immediately prior fiscal year for gaming operator licensees located in that
county. The total receipts from any county transferred to the general fund in any fiscal
year shall not exceed seven hundred fifty thousand dollars ($750,000) or the total
amount of the decrease in gaming tax revenue calculated for the county pursuant to
this section, whichever is less.
Source: official New Mexico text · Last verified 2026-08-27
Frequently Asked Questions About New Mexico § 7-1-6.60
What does New Mexico Statutes Annotated § 7-1-6.60 cover?
Section 7-1-6.60 ("Distribution; county business retention gross receipts tax") 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 § 7-1-6.60?
A common citation format is "New Mexico Statutes Annotated § 7-1-6.60" (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 § 7-1-6.60 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.