A distribution pursuant to Section 7-1-6.1 NMSA 1978 shall be made to the state building bonding fund in the amount of five hundred thirty thousand dollars ($530,000) from the net receipts attributable to the gross receipts tax imposed by the Gross Receipts and Compensating Tax Act [Chapter 7, Article 9 NMSA 1978]. The distribution shall be made:
A. after the required distribution pursuant to Section 7-1-6.4 NMSA 1978;
B. contemporaneously with other distributions of net receipts attributable to the gross receipts tax for payment of debt service on outstanding bonds or to a fund dedicated for that purpose; and
C. prior to any other distribution of net receipts attributable to the gross receipts tax.
History: Laws 2001, ch. 199, § 12; 2003, ch. 371, § 11; 2007, ch. 64, § 2.
ANNOTATIONSCross references. — For gross receipts tax, see 7-9-4 NMSA 1978.
The 2007 amendment, effective March 29, 2007, increased the distribution from $500,000 to $530,000.
The 2003 amendment, effective June 20, 2003, substituted "state building bonding fund" for "state office building bonding fund" in the section heading and at the beginning of the introductory text of the section.