2008 HB 276 SunCal Tax Increment Project Bonds

CVNM Position:

Oppose

Year:

2008

Sponsors:

Daniel Silva

Topics:

Land

Legislative Info:

HB 276 on nmlegis.gov »

Description

HB 276 authorizes a massive ($629 million) bond issue to provide infrastructure to a sprawl development on Albuquerque’s west mesa. The bond would be serviced by diverting gross receipts tax revenues that would otherwise accrue to the state to spend on healthcare or education. These types of ‘greenfield’ Tax Increment for Development Districts (TIDDs) are bad public policy – not only for land use and water planning, but also from a fiscal perspective. House members’ votes are scored on the bill itself; Senators’ votes are scored on a procedural motion that allowed HB 276 to be withdrawn from its final committee and moved immediately to the Senate floor.

Outcome

Defeated in the Senate.