New Mexico § 7-1-6.38 - Distribution; governmental gross receipts tax

§ 7-1-6.38. Distribution; governmental gross receipts tax

A. A distribution pursuant to Section 7-1-6.1 NMSA 1978 shall be made in amounts equal to the following percentages of the net receipts attributable

to the governmental gross receipts tax, less the net receipts attributable to a hospital

licensed by the department of health: (1) seventy-five percent to the public project revolving fund administered by the

New Mexico finance authority; (2) twenty-four percent to the energy, minerals and natural resources department;

provided that forty-one and two-thirds percent of the distribution is appropriated

to the energy, minerals and natural resources department to implement the provisions

of the New Mexico Youth Conservation Corps Act and fifty-eight and one-third percent

of the distribution is appropriated to the energy, minerals and natural resources

department for state park and recreation area capital improvements, including the

costs of planning, engineering, design, construction, renovation, repair, equipment

and furnishings; and (3) one percent to the cultural affairs department for capital improvements at state

museums and monuments administered by the cultural affairs department. B. The state pledges to and agrees with the holders of any bonds or notes issued by

the New Mexico finance authority or by the energy, minerals and natural resources

department and payable from the net receipts attributable to the governmental gross

receipts tax distributed to the New Mexico finance authority or the energy, minerals

and natural resources department pursuant to this section that the state will not

limit, reduce or alter the distribution of the net receipts attributable to the governmental

gross receipts tax to the New Mexico finance authority or the energy, minerals and

natural resources department or limit, reduce or alter the rate of imposition of the

governmental gross receipts tax until the bonds or notes together with the interest

thereon are fully met and discharged. The New Mexico finance authority and the energy, minerals and natural resources

department are authorized to include this pledge and agreement of the state in any

agreement with the holders of the bonds or notes. 1

NMSA 1978, § 9-5B-1 et seq.