Senate Bill 85 (SB 85) creates the Land Grant Merced Assistance Fund. Prescribes duties. Provides for distributions. Makes an appropriation. SB 85 is effective on July 1, 2021.
Senate Bill 85 (SB85) enacts a new section of the Tax Administration Act, titled: Distribution-Land Grant-Merced Assistance Fund.
Requires a distribution pursuant to Section 7-1-6.1 NMSA 1978, to be made to the Land Grant-Merced Assistance Fund in an amount equal to five-hundredths-percent of the net receipts attributable to the gross receipts tax after distributions have been made pursuant to Sections 7-1-6.46 and 7-1-6.47 NMSA 1978.
SB 85 is effective on July 1, 2021.