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NM gets nearly $35M in federal payments
Updated: Friday, 15 Jun 2012, 8:53 AM MDT
Published : Friday, 15 Jun 2012, 8:53 AM MDT
ALBUQUERQUE (AP) - More than 30 local governments around New Mexico will share nearly $35 million of compensation for non-taxable federal lands.
The money comes from the Payments in Lieu of Taxes program. In all, the Interior Department says a record $393 million in PILT allocations are being distributed this year.
The money compensates local governments for lost tax revenue from federal lands so they can continue to provide public services such as police and fire protection.
The payments are calculated using a formula that includes acreage, population and prior year revenue payments.
Interior Secretary Ken Salazar says the program is essential for local governments in rural areas.
This is the last year the program will be funded under the Emergency Economic Stabilization Act of 2008. The 2013 budget proposes a one-year extension.
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