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New Mexico Statutes Chapter 7. Taxation § 7-1-6.42. Distribution; state building bonding fund; gross receipts tax

Current as of January 01, 2024 | Updated by Findlaw Staff

<Text of section effective when provisions of L. 2009, Ch. 114, § 8 are met. See, also, text of section effective until provisions of L. 2009, Ch. 114, § 8 are met.>

A distribution pursuant to Section 7-1-6.1 NMSA 1978 shall be made to the state building bonding fund in the amount of six hundred eighty thousand dollars ($680,000) from the net receipts attributable to the gross receipts tax imposed by the Gross Receipts and Compensating Tax Act.  1 The distribution shall be made:

A. after the required distribution pursuant to Section 7-1-6.4 NMSA 1978;

B. contemporaneously with other distributions of net receipts attributable to the gross receipts tax for payment of debt service on outstanding bonds or to a fund dedicated for that purpose; and

C. prior to any other distribution of net receipts attributable to the gross receipts tax.

1 NMSA 1978, § 7-9-1 et seq.
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Cite this article: FindLaw.com - New Mexico Statutes Chapter 7. Taxation § 7-1-6.42. Distribution; state building bonding fund; gross receipts tax - last updated January 01, 2024 | https://codes.findlaw.com/nm/chapter-7-taxation/nm-st-sect-7-1-6-42/

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