{"id":2415,"date":"2020-10-26T13:25:43","date_gmt":"2020-10-26T19:25:43","guid":{"rendered":"https:\/\/www.tax.newmexico.gov\/governments\/?page_id=2415"},"modified":"2025-02-04T13:21:32","modified_gmt":"2025-02-04T20:21:32","slug":"forming-tax-increment-districts","status":"publish","type":"page","link":"https:\/\/www.tax.newmexico.gov\/governments\/municipal-county-governments\/forming-tax-increment-districts\/","title":{"rendered":"Forming Tax Increment Districts"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; background_repeat=&#8221;round&#8221; custom_margin=&#8221;0px||||false|false&#8221; custom_padding=&#8221;0px||0px|||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_row _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; use_background_color_gradient=&#8221;on&#8221; background_color_gradient_stops=&#8221;#ffffff 0%|#dedede  100%&#8221; background_color_gradient_start=&#8221;#ffffff&#8221; background_color_gradient_end=&#8221;#dedede &#8221; custom_margin=&#8221;0px||||false|false&#8221; custom_padding=&#8221;4px||4px||true|false&#8221; background_color_gradient_stops_tablet=&#8221;#ffffff 0%|#dedede  100%&#8221; background_color_gradient_stops_phone=&#8221;#ffffff 0%|#dedede  100%&#8221; border_width_all=&#8221;1px&#8221; border_color_all=&#8221;#c9c9c9&#8243; global_module=&#8221;210&#8243; saved_tabs=&#8221;all&#8221; locked=&#8221;off&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_dmb_breadcrumbs font_icon=&#8221;%%20%%&#8221; home_icon=&#8221;%%236%%&#8221; use_home_text=&#8221;on&#8221; home_text=&#8221;Governments&#8221; use_home_url=&#8221;on&#8221; home_url=&#8221;\/governments\/governments\/&#8221; _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; body_text_color=&#8221;#282728&#8243; separator_text_color=&#8221;#282728&#8243; link_text_color=&#8221;#000000&#8243; custom_padding=&#8221;0px||0px|15px|false|false&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_dmb_breadcrumbs][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; specialty=&#8221;on&#8221; _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;_initial&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;1_4&#8243; _builder_version=&#8221;4.16&#8243; custom_padding=&#8221;|||&#8221; global_colors_info=&#8221;{}&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_blurb title=&#8221;Explore Section &#038; Events&#8221; use_icon=&#8221;on&#8221; font_icon=&#8221;&#xe044;||divi||400&#8243; _builder_version=&#8221;4.13.0&#8243; _module_preset=&#8221;7b5e95ba-231a-438c-8dd9-6676746c29e6&#8243; global_module=&#8221;4523&#8243; global_colors_info=&#8221;{}&#8221;][\/et_pb_blurb][et_pb_sidebar area=&#8221;et_pb_widget_area_4&#8243; _builder_version=&#8221;4.7.1&#8243; _module_preset=&#8221;50d7f88b-470d-49c8-b370-96c4a9bca4df&#8221; global_module=&#8221;2343&#8243; saved_tabs=&#8221;all&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_sidebar][\/et_pb_column][et_pb_column type=&#8221;3_4&#8243; specialty_columns=&#8221;3&#8243; _builder_version=&#8221;4.16&#8243; custom_padding=&#8221;|||&#8221; global_colors_info=&#8221;{}&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_row_inner _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#ffffff&#8221; custom_padding=&#8221;|20px||20px|false|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column_inner saved_specialty_column_type=&#8221;3_4&#8243; _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_post_title meta=&#8221;off&#8221; _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; title_font=&#8221;|300|||||||&#8221; title_font_size=&#8221;50px&#8221; title_letter_spacing=&#8221;-3px&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_post_title][et_pb_text _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h2>Tax Increment Development Districts (TIDD) are mechanisms to support economic development and job creation by providing gross receipts tax financing and property tax financing for public infrastructure.<\/h2>\n<p><strong><a href=\"https:\/\/nmonesource.com\/nmos\/nmsa\/en\/nav_date.do\" target=\"_blank\" rel=\"noopener noreferrer\">Section 5-15-2 NMSA 1978<\/a>\u00a0<\/strong><\/p>\n<p>The steps and deadlines to create a TIDD\u00a0are:<\/p>\n<h3>1. Notice of Public Hearing<\/h3>\n<p>The governing body of the \u00a0municipality or county proposing to create a TIDD must hold a public hearing on the proposed TIDD formation. It sends written notice to the Department about the public hearing on the proposed formation of the TIDD no later than 10 days before the hearing.<\/p>\n<p><strong>The notice, according to\u00a0<a href=\"https:\/\/nmonesource.com\/nmos\/nmsa\/en\/nav_date.do\" target=\"_blank\" rel=\"noopener noreferrer\">Section 5-15-6 NMSA 1978<\/a>, must contain the following:<\/strong><\/p>\n<ul>\n<li>Date, time and place of the hearing;<\/li>\n<li>Information about alternative methods to submit objects or comments;<\/li>\n<li>Statement of the intention to form a TIDD;<\/li>\n<li>Map showing the boundaries of the proposed district;<\/li>\n<li>Statement that the TIDD plan is on file with the clerk of the governing body and may be reviewed upon request;<\/li>\n<li>Summary of the resolution as set forth in Section 5-15-6(D) NMSA 1978, and<\/li>\n<li>Copy of the resolution.<\/li>\n<\/ul>\n<h3>2. Notification Deadline for Adopting a Resolution to Form a District<\/h3>\n<p>The governing body that adopts a resolution to form a TIDD notifies the Department within 10 days after adopting the resolution to form a district\u00a0<strong><a href=\"https:\/\/nmonesource.com\/nmos\/nmsa\/en\/nav_date.do\" target=\"_blank\" rel=\"noopener noreferrer\">Section 5-15 4 NMSA 1978<\/a><\/strong>\u00a0and sends a copy of the resolution to the Department.<\/p>\n<h3>3. Notification to Department of Forming a District<\/h3>\n<p>Although no statutory deadline is involved, the governing body must notify the Department as soon as the formation process is complete. It also must send a copy of the resolution ordering the formation of the\u00a0district.<\/p>\n<h3>4. Notification of Approval of Tax Increment Development Plan<\/h3>\n<p>The governing body must \u201ctimely notify\u201d the Department when an approved tax increment development plan provides for the allocation of gross receipts tax increments.<\/p>\n<h3>5. Notification Deadlines for Approval of Dedication or Increase to Dedication<\/h3>\n<p>The State Board of Finance and the local government taxing entity must notify the Department at least 120 days before the effective date of dedication or increase of dedication. The deadline is August 31 for January 1, and February 28 for July 1 (<strong><a href=\"https:\/\/nmonesource.com\/nmos\/nmsa\/en\/nav_date.do\" target=\"_blank\" rel=\"noopener noreferrer\">Section 5-15-27 NMSA 1978<\/a><\/strong>).<\/p>\n<h3>6. Notification of Bond Issues<\/h3>\n<p>Although not mandated by statute, the TIDD should send the Department a copy of the governing body\u2019s resolution to authorize bond issues against local gross receipts tax increments once the district board has approved the resolution. It should also send a copy of the Legislature\u2019s approval of bond issues against a state gross receipts tax increment.<\/p>\n<h3>7. When Outstanding Bonds Have Been Paid Off<\/h3>\n<p><a href=\"https:\/\/nmonesource.com\/nmos\/nmsa\/en\/nav_date.do\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Section 5-15-15 NMSA 1978<\/strong><\/a><span>\u00a0<\/span>requires the governing body to \u201ctimely notify\u201d the Department when any outstanding bonds of the district have been paid off.<\/p>\n<h3>8. District Contact and Distribution Information<\/h3>\n<p>For the Department to distribute increment revenue to a TIDD, two pieces of information are required from the TIDD:<\/p>\n<ul>\n<li>Name, address and telephone number of a TIDD contact person who can address increment revenue distribution issues, and<\/li>\n<li>The TIDD\u2019s Federal Identification Number (FEIN).<\/li>\n<\/ul>\n<p>This information should reach the Department by November 1 for a January 1 effective date, and by May 1 for a July 1 effective date.<\/p>\n<p>[\/et_pb_text][\/et_pb_column_inner][\/et_pb_row_inner][\/et_pb_column][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tax Increment Development Districts (TIDD) are mechanisms to support economic development and job creation by providing gross receipts tax financing and property tax financing for public infrastructure. Section 5-15-2 NMSA 1978\u00a0 The steps and deadlines to create a TIDD\u00a0are: 1. Notice of Public Hearing The governing body of the \u00a0municipality or county proposing to create [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":2404,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"class_list":["post-2415","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Forming Tax Increment Districts : Governments<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.tax.newmexico.gov\/governments\/municipal-county-governments\/forming-tax-increment-districts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Forming Tax Increment Districts : Governments\" \/>\n<meta property=\"og:description\" content=\"Tax Increment Development Districts (TIDD) are mechanisms to support economic development and job creation by providing gross receipts tax financing and property tax financing for public infrastructure. Section 5-15-2 NMSA 1978\u00a0 The steps and deadlines to create a TIDD\u00a0are: 1. Notice of Public Hearing The governing body of the \u00a0municipality or county proposing to create [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.tax.newmexico.gov\/governments\/municipal-county-governments\/forming-tax-increment-districts\/\" \/>\n<meta property=\"og:site_name\" content=\"Governments\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/nmtaxationandrevenue\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-04T20:21:32+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.tax.newmexico.gov\\\/governments\\\/municipal-county-governments\\\/forming-tax-increment-districts\\\/\",\"url\":\"https:\\\/\\\/www.tax.newmexico.gov\\\/governments\\\/municipal-county-governments\\\/forming-tax-increment-districts\\\/\",\"name\":\"Forming Tax Increment Districts : Governments\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.tax.newmexico.gov\\\/governments\\\/#website\"},\"datePublished\":\"2020-10-26T19:25:43+00:00\",\"dateModified\":\"2025-02-04T20:21:32+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.tax.newmexico.gov\\\/governments\\\/municipal-county-governments\\\/forming-tax-increment-districts\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.tax.newmexico.gov\\\/governments\\\/municipal-county-governments\\\/forming-tax-increment-districts\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.tax.newmexico.gov\\\/governments\\\/municipal-county-governments\\\/forming-tax-increment-districts\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.tax.newmexico.gov\\\/governments\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Municipal &#038; County Governments\",\"item\":\"https:\\\/\\\/www.tax.newmexico.gov\\\/governments\\\/municipal-county-governments\\\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Forming Tax Increment Districts\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.tax.newmexico.gov\\\/governments\\\/#website\",\"url\":\"https:\\\/\\\/www.tax.newmexico.gov\\\/governments\\\/\",\"name\":\"NM Taxation and Revenue Department\",\"description\":\"The Taxation and Revenue Department, charged with the task of collecting tax dollars and distributing them according to state law, answers to the Governor as part of the executive branch of state government.\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.tax.newmexico.gov\\\/governments\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.tax.newmexico.gov\\\/governments\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.tax.newmexico.gov\\\/governments\\\/#organization\",\"name\":\"New Mexico Taxation and Revenue Department\",\"url\":\"https:\\\/\\\/www.tax.newmexico.gov\\\/governments\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.tax.newmexico.gov\\\/governments\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/www.tax.newmexico.gov\\\/governments\\\/wp-content\\\/uploads\\\/sites\\\/7\\\/2020\\\/10\\\/logo.png\",\"contentUrl\":\"https:\\\/\\\/www.tax.newmexico.gov\\\/governments\\\/wp-content\\\/uploads\\\/sites\\\/7\\\/2020\\\/10\\\/logo.png\",\"width\":180,\"height\":66,\"caption\":\"New Mexico Taxation and Revenue Department\"},\"image\":{\"@id\":\"https:\\\/\\\/www.tax.newmexico.gov\\\/governments\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/nmtaxationandrevenue\",\"https:\\\/\\\/en.wikipedia.org\\\/wiki\\\/New_Mexico_Taxation_and_Revenue_Department\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Forming Tax Increment Districts : Governments","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.tax.newmexico.gov\/governments\/municipal-county-governments\/forming-tax-increment-districts\/","og_locale":"en_US","og_type":"article","og_title":"Forming Tax Increment Districts : Governments","og_description":"Tax Increment Development Districts (TIDD) are mechanisms to support economic development and job creation by providing gross receipts tax financing and property tax financing for public infrastructure. Section 5-15-2 NMSA 1978\u00a0 The steps and deadlines to create a TIDD\u00a0are: 1. Notice of Public Hearing The governing body of the \u00a0municipality or county proposing to create [&hellip;]","og_url":"https:\/\/www.tax.newmexico.gov\/governments\/municipal-county-governments\/forming-tax-increment-districts\/","og_site_name":"Governments","article_publisher":"https:\/\/www.facebook.com\/nmtaxationandrevenue","article_modified_time":"2025-02-04T20:21:32+00:00","twitter_card":"summary_large_image","twitter_misc":{"Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.tax.newmexico.gov\/governments\/municipal-county-governments\/forming-tax-increment-districts\/","url":"https:\/\/www.tax.newmexico.gov\/governments\/municipal-county-governments\/forming-tax-increment-districts\/","name":"Forming Tax Increment Districts : Governments","isPartOf":{"@id":"https:\/\/www.tax.newmexico.gov\/governments\/#website"},"datePublished":"2020-10-26T19:25:43+00:00","dateModified":"2025-02-04T20:21:32+00:00","breadcrumb":{"@id":"https:\/\/www.tax.newmexico.gov\/governments\/municipal-county-governments\/forming-tax-increment-districts\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.tax.newmexico.gov\/governments\/municipal-county-governments\/forming-tax-increment-districts\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.tax.newmexico.gov\/governments\/municipal-county-governments\/forming-tax-increment-districts\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.tax.newmexico.gov\/governments\/"},{"@type":"ListItem","position":2,"name":"Municipal &#038; County Governments","item":"https:\/\/www.tax.newmexico.gov\/governments\/municipal-county-governments\/"},{"@type":"ListItem","position":3,"name":"Forming Tax Increment Districts"}]},{"@type":"WebSite","@id":"https:\/\/www.tax.newmexico.gov\/governments\/#website","url":"https:\/\/www.tax.newmexico.gov\/governments\/","name":"NM Taxation and Revenue Department","description":"The Taxation and Revenue Department, charged with the task of collecting tax dollars and distributing them according to state law, answers to the Governor as part of the executive branch of state government.","publisher":{"@id":"https:\/\/www.tax.newmexico.gov\/governments\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.tax.newmexico.gov\/governments\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.tax.newmexico.gov\/governments\/#organization","name":"New Mexico Taxation and Revenue Department","url":"https:\/\/www.tax.newmexico.gov\/governments\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.tax.newmexico.gov\/governments\/#\/schema\/logo\/image\/","url":"https:\/\/www.tax.newmexico.gov\/governments\/wp-content\/uploads\/sites\/7\/2020\/10\/logo.png","contentUrl":"https:\/\/www.tax.newmexico.gov\/governments\/wp-content\/uploads\/sites\/7\/2020\/10\/logo.png","width":180,"height":66,"caption":"New Mexico Taxation and Revenue Department"},"image":{"@id":"https:\/\/www.tax.newmexico.gov\/governments\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/nmtaxationandrevenue","https:\/\/en.wikipedia.org\/wiki\/New_Mexico_Taxation_and_Revenue_Department"]}]}},"_links":{"self":[{"href":"https:\/\/www.tax.newmexico.gov\/governments\/wp-json\/wp\/v2\/pages\/2415","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.tax.newmexico.gov\/governments\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.tax.newmexico.gov\/governments\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.tax.newmexico.gov\/governments\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.tax.newmexico.gov\/governments\/wp-json\/wp\/v2\/comments?post=2415"}],"version-history":[{"count":7,"href":"https:\/\/www.tax.newmexico.gov\/governments\/wp-json\/wp\/v2\/pages\/2415\/revisions"}],"predecessor-version":[{"id":17467,"href":"https:\/\/www.tax.newmexico.gov\/governments\/wp-json\/wp\/v2\/pages\/2415\/revisions\/17467"}],"up":[{"embeddable":true,"href":"https:\/\/www.tax.newmexico.gov\/governments\/wp-json\/wp\/v2\/pages\/2404"}],"wp:attachment":[{"href":"https:\/\/www.tax.newmexico.gov\/governments\/wp-json\/wp\/v2\/media?parent=2415"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}