Section 7-1-6.67 - [Effective Until 7/1/2025] Distribution; Local Economic Development Act FundA. A distribution pursuant to Section 7-1-6.1 NMSA 1978 shall be made to the Local Economic Development Act [Chapter 5, Article 10 NMSA 1978] fund equal to the following amounts of the following taxes imposed and paid on the expenses related to the construction of the qualifying entity's economic development project, as determined pursuant to Section 2 [5-10-17 NMSA 1978] of this 2021 act:(1) fifty percent of the net receipts attributable to state gross receipts tax and the state compensating tax; and(2) fifty percent of the net receipts attributable to the local option gross receipts tax and county compensating tax imposed by a county and local option gross receipts tax and municipal compensating tax imposed by a municipality.B. As used in this section: (1) "economic development project" means "economic development project" as used in the Local Economic Development Act; and(2) "qualifying entity" means "qualifying entity" as used in the Local Economic Development Act.Added by 2021SP1, c. 2,s. 5, eff. 4/7/2021.This section is set out more than once due to postponed, multiple, or conflicting amendments.