The state shall receive annual payments equal to five percent of the total amount of in-lieu tax payments made to counties, municipalities and other local entities authorized to levy taxes on property, including in-lieu tax payments made to school districts pursuant to Paragraph (2) of Subsection A of Section 4-59-4 NMSA 1978, and five percent of the value of any other consideration paid to local entities authorized to levy taxes on property by a person proposing an electric transmission project. A copy of any agreement providing for such in-lieu tax payments shall be provided to the secretary of finance and administration within thirty days of written approval of such agreement by all of the parties. Each annual payment to the state shall be made no later than the end of each fiscal year in which in-lieu tax payments are made to local taxing entities. Each annual payment shall be made to the department of finance and administration for deposit to the general fund.
History: Laws 2020, ch. 14, § 6.
ANNOTATIONSEffective dates. — Laws 2020, ch. 14, § 7 made Laws 2020, ch. 14, § 6 effective July 1, 2020.