As used in the Qualified School Bonds Act:
A. "allocation" means New Mexico's allocation of the national zone academy bond limitation pursuant to Section 1397E(e)(2) of the Internal Revenue Code of 1986;
B. "council" means the public school capital outlay council;
C. "eligible taxpayer" means an entity that qualifies as an eligible taxpayer under Section 1397E(d)(6) of the Internal Revenue Code of 1986 and includes a bank, insurance company or corporation actively engaged in the business of lending money;
D. "qualified contribution" means a contribution meeting the requirements of Section 1397E(d)(2) of the Internal Revenue Code of 1986, from a private entity to the qualifying school and includes:
(1) equipment for use in the qualifying school, including state-of-the-art technology and vocational equipment;
(2) technical assistance in developing curriculum or in training teachers in order to promote appropriate market-driven technology in the classroom;
(3) services of employees as volunteer mentors;
(4) internships, field trips or other educational opportunities outside the qualifying school for students; and
(5) any other property or service specified by the governing body of the qualifying school;
E. "qualified school bond" means a bond issued by the state or a political subdivision of the state that meets all of the requirements of Section 4 [22-18B-4 NMSA 1978] of the Qualified School Bonds Act and the requirements for a qualified zone academy bond pursuant to Section 1397E(d)(1) of the Internal Revenue Code of 1986;
F. "qualified purpose" means a purpose of a bond issue that meets the requirements of Section 1397E(d)(5) of the Internal Revenue Code of 1986 and Article 9, Section 11 of the constitution of New Mexico; and
G. "qualifying school" means a public school, a New Mexico state educational institution providing education or training below the post-secondary level or a program within such a public school or educational institution and which school, institution or program meets the requirements for a qualified zone academy pursuant to Section 1397E(d)(4) of the Internal Revenue Code of 1986.
History: Laws 1999, ch. 225, § 3.
ANNOTATIONSCross references. — For Section 1397E of the Internal Revenue Code, see 26 U.S.C. § 1397E.