FLOOD RECOVERY BONDS & GROSS RECEIPTS
SB 383 authorizes New Mexico municipalities to issue "flood recovery revenue bonds" specifically for rebuilding, repairing, replacing, or strengthening municipal property damaged by floods. It creates a new "municipal flood recovery gross receipts tax" to fund these bonds, with revenues pledged directly to bond payments. The bill also provides a tax deduction for businesses selling services or property to municipalities for flood recovery work, and delays the repeal of existing tax deductions related to flood repairs. This policy directly affects municipalities impacted by flooding, providing a dedicated funding mechanism for recovery efforts.
Bill status
signed
all 5 stages cleared
Introduction
Feb 2025
Committee Review
Mar 2025
Senate Passage
Mar 2025
House Passage
Mar 2025
Signed into Law
Mar 2025
Introduced Feb 13, 2025
Signed Mar 31, 2025
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What changed between versions
CT substitute
→
Final Version
·
5 edits
MODERATE
This bill amends New Mexico's revenue bond statute to create a new funding mechanism for municipalities to issue flood recovery revenue bonds. The changes allow municipalities to use gross receipts tax revenues to pay for rebuilding, repairing, replacing, and hardening municipal property damaged by flooding. This provides a dedicated funding source for flood recovery efforts through the issuance of municipal bonds.
Scope change
The bill expands the scope of municipal revenue bonds to include a new category specifically for flood recovery purposes, allowing municipalities to pledge gross receipts tax revenues for this specific use.
FISCAL
Added authority for municipalities to issue flood recovery revenue bonds secured by gross receipts tax revenues
Created new Section 1 to amend existing revenue bond statute to include flood recovery as a specific authorized purpose
ELIGIBILITY
Created new eligibility criteria allowing municipalities to use gross receipts tax revenues from Sections 7-1-6.4 or 7-1-6.12 NMSA 1978 for flood recovery purposes
REQUIREMENT
Established requirements for debt service reserve accounts and trustee appointments for gross receipts tax revenue bonds
SCOPE
Added new subsection E for gasoline tax revenue bonds and new subsection G for fire district revenue bonds to the existing revenue bond authority
Floor votes · Senate Mar 14, 2025 · House Mar 21, 2025
How they voted
38–0
Passed · 2 other
Total votes 40
Mar 14, 2025
D
Democratic24
95% Yea
R
Republican16
93% Yea
Vote distribution
All Yea
All Nay
Mixed
No data
Full legislative history
Actions timeline
Total actions
8
Key actions
6
Committee
3
Mar 31, 2025
Signed into law
Signed
executive
Mar 21, 2025
Lower · Passed
passed House
lower
Mar 19, 2025
Lower · Passed
DO PASS committee report adopted
lower
Mar 17, 2025
Introduced
Sent to House Taxation & Revenue Committee
lower
Mar 14, 2025
Upper · Passed
passed Senate
upper
Mar 13, 2025
Upper · Passed
DO PASS, as amended, committee report adopted
upper
Mar 7, 2025
Upper · Passed
DO NOT PASS, replaced with committee substitute
upper
Feb 13, 2025
Introduced
Sent to Senate Tax, Business and Transportation Committee & Senate Finance Committee
upper
1 primary · 0 co-sponsors
Sponsors
Role
Legislator
Party
State
District
P
Candy Ezzell
RRepublican
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