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County bond attorney explains IRBs, pilot payments and enforcement options
Summary
Doña Ana County's bond attorney told commissioners industrial revenue bonds (IRBs) provide tax abatements and that pilot payments to taxing entities are negotiated, described the school apportionment formula and said the county is not liable for IRB debt; staff committed to publishing IRB documents and community benefit materials online to address public questions.
A county bond attorney provided Doña Ana County commissioners an overview of industrial revenue bonds (IRBs), telling the board that IRBs are an economic-development tool counties and municipalities use to provide property-tax and, in some cases, gross-receipts-tax abatements on eligible equipment.
The attorney said IRB authority differs by jurisdiction — counties can include retail projects and municipalities have limited extraterritorial jurisdiction — and that construction-related GRT often remains taxable even when equipment is abated.
"With the abatement, there is then the…
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