ALL CITIES & COUNTIES FUND

HB 292 creates the "All Cities and Counties Fund" to redistribute 8% of certain gross receipts tax revenue to New Mexico municipalities and counties. It establishes a formula calculating transfers based on population and tax revenue data, distributing funds to cities and counties according to their population and local tax contributions. The fund is designed to provide annual payments starting July 1, 2025, with the state treasurer making transfers by November 1 each year. The bill was approved by committees but was postponed indefinitely on June 3, 2025, and has not advanced further.