Signed by Governor Michelle Lujan Grisham

Vote Smart's Synopsis:

Vote to pass a bill that amends the Industrial Revenue Bond Act to include certain electric transmission facilities as eligible projects.

Highlights:

• Authorizes a municipality to have the following powers to acquire, purchase, gift or lease, one or more projects that will be located within the state and may be located within or partially within the municipality, but cannot be located more than 15 miles outside of the corporate limits of the municipality, provided that (Sec. 2): 

• Urban transit buses need not be continuously located within the state, but the commercial enterprise using the urban transit buses for leasing must meet the location requirement of this act; and

• A municipality may not acquire any electricity generation or transmission facility project unless the school district in which the project is located will receive the same amount, or greater, of annual in-lieu tax payments that would have been received in property taxes for the fully developed project had the project not been acquired.

• Defines “ project” as any land or building or other improvements thereon, the acquisition by or for New Mexico corporation of the assets or stock of an existing business or corporation thereon located outside the state to be relocated within or near the municipality in the state and all real and personal properties deemed necessary in connection therewith, whether or not now in existence, which is suitable for use by the following or by any combination of 2 or more thereof (Sec. 1):

• An industry for the manufacturing, processing or assembling of agricultural or manufactured products; 

• A commercial enterprise in storing, warehousing, distributing or selling of products of agriculture, mining or industry but does not include a facility designed for the sale of goods or commodities at retail or distribution to the public of electricity, gas, water, or telephone, or other services commonly classified as public utilities; 

• A business in which all or part of the activities of the business involve the supplying of services to the general public or to governmental agencies or to a specific industry or customer but does not include an establishment primarily engaged in the sale of goods or commodities at retail; 

• A water distribution or irrigation system, including without limitation, pumps, distribution lines, transmission lines, towers, dams and similar facilities and equipment, designed to provide water to a vineyard or winery; 

• An electric generation or transmission facility other than one for which both location approval and a certificate of convenience and necessity are required prior to commencing construction or operation of the facility; and

• A corporation.

Full Bill Text