{"data":{"id":"us-nm/7-19d-19","jurisdiction":"us-nm","citation":"7-19D-19","heading":"Municipal flood recovery gross receipts tax.","body":"A. The majority of the members of the governing body of a municipality may impose by ordinance an excise tax at a rate not to exceed three-eighths percent of the gross receipts of a person engaging in business in the municipality for the privilege of engaging in business. The tax may be imposed in increments of one-thousandth percent not to exceed an aggregate rate of three-eighths percent. The tax shall be imposed until the flood recovery revenue bonds issued pursuant to Section 3-31-1 NMSA 1978 are fully discharged or otherwise provided for in full.\nB. The tax imposed pursuant to this section may be referred to as the \"municipal flood recovery gross receipts tax\".\nC. A governing body, at the time of enacting an ordinance imposing a rate of tax authorized in Subsection A of this section, shall dedicate the revenue only for payment of flood recovery revenue bonds issued pursuant to Section 3-31-1 NMSA 1978.","path":["Chapter 7 - Taxation","ARTICLE 19D Municipal Local Option Gross Receipts and Compensating Taxes"],"source_url":"https://nmonesource.com/nmos/nmsa-unanno/en/item/18507/index.do","current_through":"2026-07-01","vintage":"","retrieved_at":"2026-09-03T15:02:19Z","sha256":"34705c38d92c1a78bba08e238183cef55bc074a1f80c69759dd28d6d4e0a154a","source_id":"us-nm","stale":false,"prev":"us-nm/7-19d-18","next":"us-nm/7-20-1"},"notice":"GroundRules: Original legal text. Not legal advice."}