An exemption granted under Section 3-64-3 NMSA 1978 shall automatically terminate on the last day of the property tax year in which it expires pursuant to the exemption resolution or on the last day of the property tax year in which a new business facility ceases commercial operations, whichever occurs first.
History: Laws 1991, ch. 163, § 5; 2003, ch. 293, § 4; 2003, ch. 405, § 4.
ANNOTATIONSThe 2003 amendment, effective June 20, 2003, substituted "3-64-3 NMSA 1978" for "3 of the Development Incentive Act" following "granted under Section" near the beginning of the section.
Laws 2003, ch. 293, § 4 enacted identical amendments to this section. The section was set out as amended by Laws 2003, ch. 405, § 4. See 12-1-8 NMSA 1978.