CREATE ALL CITIES & COUNTIES FUND

HB 160 creates a new "All Cities and Counties Fund" in New Mexico's state treasury to distribute a portion of gross receipts tax revenue to municipalities (cities/towns) and counties. The bill requires 8% of eligible tax revenue to be transferred into this fund, with annual distributions calculated using a formula based on each municipality's or county's population and their share of state tax revenue. Transfers are scheduled to begin on November 1, 2027, and annually thereafter, directly affecting all cities and counties across New Mexico. The fund aims to provide ongoing financial support to local governments based on population data and tax contributions.