Gov. Michelle Lujan Grisham signed Senate Bill 1 into law on Wednesday, allowing for some state and local tax revenue to be used as public support for economic development projects as part of the Local Economic Development Act. The incentives allow the state to make grants to local governments to assist expanding or relocating businesses that will stimulate economic development.
Under the bill, half of the state and local gross receipts tax and compensating revenue from the construction phase of…
Source: The Business Journal
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