New Mexico legislation · 2026 Regular Session
New Mexico SB48: STATE FAIRGROUNDS DISTRICT BONDS
Status: Signed into law, March 5, 2026
What the bill says
An act relating to finance; authorizing the issuance of bonds secured by the state gross receipts tax distribution and the gaming tax distribution for the state fairgrounds district pursuant to the state fairgrounds district act.
From the enrolled text, March 6, 2026:
AN ACT RELATING TO FINANCE; AUTHORIZING THE ISSUANCE OF BONDS SECURED BY THE STATE GROSS RECEIPTS TAX DISTRIBUTION AND THE GAMING TAX DISTRIBUTION FOR THE STATE FAIRGROUNDS DISTRICT PURSUANT TO THE STATE FAIRGROUNDS DISTRICT ACT. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: SECTION 1. Section 6-35-1 NMSA 1978 (being Laws 2025, Chapter 83, Section 1) is amended to read: "6-35-1. SHORT TITLE.--Chapter 6, Article 35 NMSA 1978 may be cited as the "State Fairgrounds District Act"." SECTION 2. A new section of the State Fairgrounds District Act is enacted to read: "AUTHORIZATION OF ISSUANCE OF BONDS.--The legislature authorizes and approves the district to issue bonds, pursuant to the provisions of Paragraph (5) of Subsection C of Section 6-35-7 NMSA 1978, in an amount not to exceed ninety-two million dollars ($92,000,000) in net proceeds of the five hundred million dollars ($500,000,000) in net proceeds authorized to be issued by the district by Subsection A of Section 6-35-7 NMSA 1978, secured by all or a portion of the gross receipts tax distribution and the gaming tax distribution made pursuant to the provisions of Section 7-1-6.73 NMSA 1978, pledged to pay the principal of and interest on the bonds, with such issuance of bonds by the SB Page district pursuant to the provisions of the State Fairgrounds District …
Sponsors
- Mimi Stewart (D, SD-017) · primary sponsor
- Janelle Anyanonu (D, HD-019)
Latest actions
- : Signed by Governor - Chapter 33 - Mar. 5
- : Passed in the House of Representatives - Y:42 N:6
- : HTRC: Reported by committee with Do Pass recommendation
- : HCEDC: Reported by committee with Do Pass recommendation
- : Sent to HCEDC - Referrals: HCEDC/HTRC
- : Passed in the Senate - Y:26 N:12
- : SFC: Reported by committee with Do Pass recommendation
- : STBTC: Reported by committee with Do Pass recommendation
- : SCC: Reported by committee to fall within the purview of a 30 day session
- : Sent to SCC - Referrals: SCC/STBTC/SFC
Votes
- House Floor Vote (February 18, 2026): 42 yea, 6 nay, passed
- Senate Floor Vote (February 6, 2026): 26 yea, 12 nay, passed
Subjects: TAXATION, GROSS RECEIPTS & COMPENSATING, FINANCE, PUBLIC
Common questions
- What is SB48?
- SB48 is a bill in the New Mexico Legislature (2026 Regular Session): STATE FAIRGROUNDS DISTRICT BONDS.
- What does SB48 do?
- In its own words: An act relating to finance; authorizing the issuance of bonds secured by the state gross receipts tax distribution and the gaming tax distribution for the state fairgrounds district pursuant to the state fairgrounds district act.
- What is the status of SB48?
- Signed into law as of March 5, 2026. Latest action: Signed by Governor - Chapter 33 - Mar. 5 (March 5, 2026).
- Who sponsored SB48?
- Mimi Stewart (D, SD-017), with 1 co-sponsor.
- Where is the official record for SB48?
- On the New Mexico Legislature website: https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legType=B&legNo=48&year=26
Source: official New Mexico record. Tracked by Delilah, AI for legislation across all 50 states and Congress.