New Mexico Statutes Chapter 7. Taxation § 7-1-6.67. Distribution; Local Economic Development Act fund

(1) fifty percent of the net receipts attributable to state gross receipts tax and the state compensating tax; and

(2) fifty percent of the net receipts 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.

(1) “economic development project” means “economic development project” as used in the Local Economic Development Act; and

(2) “qualifying entity” means “qualifying entity” as used in the Local Economic Development Act.