1, 2024.) A. A metropolitan redevelopment plan, as originally approved or as later modified, may contain a provision that a portion of a property tax increment or gross receipts tax increment may be dedicated for the purpose of funding a metropolitan redevelopment project for a period of up to twenty years.

B. A local government may dedicate up to seventy-five percent of a property tax increment or gross receipts tax increment and the state board of finance, subject to the provisions of Subsection C of this section, may dedicate up to seventy-five percent of a gross receipts tax increment, each as determined pursuant to Section 3-60A-21 N.M. Stat. Ann., with the agreement of the municipality, county or state board of finance, evidenced by a resolution adopted by a majority vote of those entities. A resolution to dedicate a property tax increment or gross receipts tax increment shall become effective only on January 1 or July 1 of the calendar year.

C. The state board of finance shall condition a dedication of a gross receipts tax increment attributable to the state gross receipts tax on the approval required pursuant to Section 6 [3-60A-49 N.M. Stat. Ann.] of this 2023 act and that the initial bonds issuance secured by such an increment shall be issued no later than four years after the state board of finance has adopted the resolution making the dedication. A resolution of the state board of finance shall find that:

(1)     the state board of finance has reviewed the request for the use of the state gross receipts tax increment; and

(2)     based upon review by the state board of finance of the applicable metropolitan redevelopment plan, the dedication by the state board of finance of the gross receipts tax increment within the metropolitan redevelopment area for use in meeting the required goals of the metropolitan redevelopment plan is reasonable and in the best interest of the state.

D. The governing body of the jurisdiction in which a metropolitan redevelopment area has been established shall timely notify the assessor of the county in which the area has been established, the taxation and revenue department and the local government division of the department of finance and administration when:

(1)     a metropolitan redevelopment plan has been approved that contains a provision for the allocation and percentage of property tax increments and gross receipts tax increments;

(2)     any outstanding bonds of the area have been paid off; and

(3)     the purposes of the area have otherwise been achieved.