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Tax Break Tracker Individual Entry

Each individual entry is a single program reported by a single jurisdiction in a given fiscal year. Because we want to track the level and quality of disclosure as well as the content, the values below -- with the exception of program names -- are entered exactly as they are reported. See our user guide for more explanations.

StateNew Mexico
Effected JurisdictionCity of Rio Rancho
Jurisdiction type: Municipality
Fiscal year ending In2022
Program nameBank America - Industrial Revenue Bonds Series 1998B
Program purpose: General Economic Development
Statutory authority: Sections 3-32-1 through 3-32-16, NMSA 1978 Annotated, Exempt from Property Tax under Section 7-36-3(A) NMSA 1978 Annotated
Abating jurisdiction(s): Rio Rancho, New Mexico
Applicable taxesProperty Tax
Method of abatement: Tax diversion
Provisions for recapture: If the company ceases operation of the Facility within five years of the issuance of the Bonds, the Company will pay an amount equal to that percentage of the amount of taxes it would have been required to pay if the bonds had not been issued other than with respect to the Rio Rancho School District. Amount is calculated using mill levies and actual property tax valuations for each tax year. The clawback period expired in 2003.
Gross revenue loss: $35,188
Reimbursement / offset: $0
Net revenue loss: $35,188
Type of loss: Active
Additional notes on dislosure(none)
Document sourcehttps://www.rrnm.gov/DocumentCenter/View/79558/Agency-6147---City-of-Rio...