STATE FAIRGROUNDS DISTRICT BONDS
SB 48 authorizes the State Fairgrounds District to issue up to $92 million in bonds, secured by portions of the state's gross receipts tax and gaming tax distributions. This bill directly affects the State Fairgrounds District, enabling it to borrow funds for district projects under existing financial authority. The bonds must be repaid using designated tax revenues, as specified in the State Fairgrounds District Act. This is a procedural authorization for financing, not a new policy change.
Bill status
signed
all 5 stages cleared
Introduction
Jan 2026
Committee Review
Feb 2026
Senate Passage
Feb 2026
House Passage
Feb 2026
Signed into Law
Mar 2026
Introduced Jan 21, 2026
Signed Mar 6, 2026
Maddy AI version diff · 1 comparison
What changed between versions
introduced version
→
Final Version
·
2 edits
MINOR
The bill was reformatted and reorganized from an introduced version to a final version, with the main substantive change being the authorization of $92 million in bonds for the State Fairgrounds District, secured by gross receipts tax and gaming tax distributions. The text was cleaned up by removing bracketed editorial marks and page numbers while preserving the core legislative content.
TECHNICAL
Removed bracketed editorial marks, page numbers, and formatting artifacts from the introduced version to produce a clean final version.
Reorganized line numbering and spacing to conform to final legislative formatting standards.
Floor votes · Senate Feb 6, 2026 · House Feb 18, 2026
How they voted
23–12
Passed · 3 other
Total votes 38
Feb 6, 2026
D
Democratic22
95% Yea
R
Republican16
75% Nay
Vote distribution
All Yea
All Nay
Mixed
No data
Full legislative history
Actions timeline
Total actions
11
Key actions
8
Committee
4
Mar 6, 2026
Signed into law
Signed
executive
Feb 19, 2026
Lower · Passed
passed House
lower
Feb 18, 2026
House · Passed
House Vote: pass (38-6-22)
house
Feb 14, 2026
Lower · Passed
DO PASS committee report adopted
lower
Feb 12, 2026
Lower · Passed
DO PASS committee report adopted
lower
Feb 9, 2026
Introduced
Sent to House Commerce & Economic Development Committee & House Taxation & Revenue Committee
lower
Feb 6, 2026
Upper · Passed
passed Senate
upper
Feb 2, 2026
Upper · Passed
DO PASS committee report adopted
upper
Jan 28, 2026
Upper · Passed
DO PASS committee report adopted
upper
Jan 21, 2026
Introduced
Sent to Senate Committees' Committee & Senate Tax, Business and Transportation Committee & Senate Finance Committee
upper
2 primary · 0 co-sponsors
Sponsors
Ask Maddy
·
AI policy assistant
Ask Maddy about SB 48
Scope: NM
Hi! I can help you understand SB 48. What would you like to know?
Try one of these
i
Maddy answers using official bill text and legislative records. Always verify before sharing.
Sources cited inline