2006 SB 495 Tax Increment for Development Act

CVNM Position:

Support

Year:

2006

Sponsors:

Mary Kay Papen
Ben Lujan

Topics:

Land

Legislative Info:

SB 495 on nmlegis.gov »

Description

SB495 and its companion HB462 authorize the establishment of tax-increment financing (TIF) districts to promote revitalization and redevelopment. This innovative mechanism allows local governments to bond for up-front cash to invest in redevelopment efforts, and then service the bonds using the increased property tax revenue that results from the project.

Outcome

SB 495 passed both chambers and was signed by the Governor. HB 462 died in the Senate;