Section 5-15-2 - Findings and purpose. - New Mexico Statutes

5-15-2. Findings and purpose.

A.     The purpose of the Tax Increment for Development Act [5-15-1 NMSA 1978] is to create a mechanism for providing gross receipts tax financing and property tax financing for public infrastructure for the purpose of supporting economic development and job creation.  

B.     The legislature finds and declares that the powers conferred by the Tax Increment for Development Act are for public uses and purposes for which public money may be expended and the public power exercised, and that it is necessary and in the public interest for the provisions enacted in the Tax Increment for Development Act to be declared as a matter of legislative determination.