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SB 481 New Mexico Senate · 2025 Regular Session

STATE FAIRGROUNDS DISTRICT ACT

SB 481 creates the State Fairgrounds District, a new political subdivision governing the state-owned fairgrounds property in Albuquerque and adjacent land. The district can issue up to $1 billion in bonds to fund projects like facility development and public infrastructure, using revenue from gross receipts tax and gaming tax distributions from businesses on the fairgrounds. It establishes a five-member board (including the governor, mayor, and county commissioner) to manage the district’s finances and operations. This bill directly affects the state fairgrounds’ development, local businesses operating there, and the allocation of tax revenues to fund improvements.
Issues: ✓ Budget & TaxesSupports Budget & TaxesUses existing gross receipts and gaming tax distributions to fund $1B in bonds for infrastructure development, directly leveraging tax revenue for district budgeting.85% confidence
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
Apr 2025
Introduced Feb 20, 2025 Signed Apr 8, 2025
Maddy AI version diff · 2 comparisons

What changed between versions

CT substitute → Final Version · 5 edits
MODERATE
The bill was revised to clarify its title and purpose, expand the definition of 'public improvements' to include a comprehensive list of infrastructure and services, and authorize the district to enter into intergovernmental agreements. The changes also add a new definition for 'community benefit' and refine the district's powers to better align with community development goals.
Scope change
The bill's scope was expanded to include a broader range of public improvements and community benefits, and the district's authority to enter into intergovernmental agreements was added.
DEFINITION

Added a detailed list of public improvements including sewage, water, roads, trails, transit facilities, and public buildings.

Added a new definition for 'community benefit' that includes affordable housing, job creation, open space, and health services.

POWERS

Added authority for the district to enter into intergovernmental agreements for planning, design, inspection, ownership, control, maintenance, operation, or repair of public infrastructure.

SCOPE

Modified the bill's title and purpose to better reflect the expanded scope of the district's activities and powers.

ELIGIBILITY

Added eligibility criteria for public improvements that must be dedicated to a public entity.

Floor votes · Senate Mar 17, 2025 · House Mar 21, 2025

How they voted

22–15
Passed · 3 other
Total votes 40
Mar 17, 2025
D Democratic24
20 Yea 2 Nay 2
83% Yea
R Republican16
2 Yea 13 Nay 1
81% Nay
Vote distribution
All Yea All Nay Mixed No data
Full legislative history

Actions timeline

Total actions
8
Key actions
6
Committee
3
Apr 8, 2025
Signed into law
Signed
executive
Mar 21, 2025
Lower · Passed
passed House
lower
Mar 21, 2025
Lower · Passed
DO PASS committee report adopted
lower
Mar 18, 2025
Introduced
Sent to House Appropriations & Finance Committee
lower
Mar 17, 2025
Upper · Passed
passed Senate
upper
Mar 16, 2025
Upper · Passed
DO PASS, as amended, committee report adopted
upper
Mar 12, 2025
Upper · Passed
DO NOT PASS, replaced with committee substitute
upper
Feb 20, 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
Photo of Mimi Stewart
Mimi Stewart
DDemocratic
NM
17