Section 5-15-25.2 - Base year revision; approvalA. The state board of finance may approve the revision of the base year used to determine a district's gross receipts tax increment:(1) once during the lifetime of the district;(2) if the revised year is a calendar year that is completed;(3) if no gross receipts tax increment bonds attributable to the district have been issued;(4) if there is no unresolved objection to the revision by the developer or by a local government that has dedicated a tax increment to the district; and(5) upon a finding that the revision is reasonable and in the best interest of the state.B. If the state board of finance approves the revision of the base year used to determine a district's gross receipts tax increment, the state board of finance shall notify the district, the secretary of taxation and revenue, the developer and the local governments that have dedicated a tax increment to the district.C. As used in this section, "developer" means the owner or developer who has entered into an agreement pursuant to Subsection A of Section 5-15-4 NMSA 1978 with the governing body that formed the district or the owner's or developer's successors or assigns.Added by 2014, c. 11,s. 2, eff. 3/5/2014.