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Pulling back the curtains on wage-theft enforcement in MN; Trump's latest attack is on RFK, Jr; NM LGBTQ+ equality group endorses 2024 'Rock Star' candidates; Michigan's youth justice reforms: Expanded diversion, no fees.

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Transportation Secretary Pete Buttigieg says rebuilding Baltimore's Key Bridge will be challenging and expensive. An Alabama Democrat flips a state legislature seat and former Connecticut senator Joe Lieberman dies at 82.

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Historic wildfires could create housing and health issues for rural Texans, a Kentucky program helps prison parolees start a new life, and descendants of Nicodemus, Kansas celebrate the Black settlers who journeyed across the 1870s plains seeking self-governance.

Our Money, Our Rules - Board of Finance Votes on TIDD Regs

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Tuesday, July 22, 2008   

Santa Fe, NM - "You use our money, you play by our rules." That principle will be considered by the New Mexico state Board of Finance when it votes today on new rules for Tax Increment Financing, a tool that allows real estate developers to receive some of the tax revenue from a development for up to 25 years.

Bob Hearn with the Quality Growth Alliance says that group supports the rules, because without proper oversight, tax increment developments could siphon away funds that would otherwise go to vital state and local services.

"That means things like aid to children, aid to dependent people, medical care, aid to folks that don't have help, the environment. Things like that that receive the money that in a sense is left over each year. "

Anne Stauffer with New Mexico Voices for Children says the rules are needed to help ensure that more tax increment development districts don't cause serious budget inequities around the state.

"These districts will actually capture most of those taxes and use them just for the infrastructure in those districts, and they will not be available for other priorities the state has, or even for ongoing programs, for the next 25 years plus."

The rules being considered would look at the impact of tax increment development districts on everything from local economies to water rights.

Developers say the projects that already use the tax tool help boost the state's economy. Hearn disagrees, saying it amounts to unfair competition that drains the state budget.


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