Category: Local Incentives, Business Expansion
AGENCY: New Mexico incorporated municipalities and counties
ELIGIBILITY: Communities that have already passed the Local Economic Development Act (LEDA) are able to pass a LOGRT.
• The community votes to raise its LOGRT.
• The rate is set at 1/8 of 1%.
• Revenue must be used for economic development projects.
• The LEDA - LOGRT allows communities the option of designating two of its four increments of the MIGR for economic development plans, payment of bonds, and infrastructure improvement.
• In the event a community passes a LEDA and allocates 5% of the General Fund for economic development, LOGRT provides the community with a source of additional revenue to completely fund the economic development project.