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Tax Incremental Financing Project Certification Presentation 05/28/08 Project Certification Committee.

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Presentation on theme: "Tax Incremental Financing Project Certification Presentation 05/28/08 Project Certification Committee."— Presentation transcript:

1 Tax Incremental Financing Project Certification Presentation 05/28/08 Project Certification Committee

2 Tax Increment Financing (TIF) Description –Chapter 5 Article 15 NMSA 1978 enacted during the 2006 Legislative Session –TIF is a mechanism for a new form of revenue distribution for development projects around the state Justification –Implement requirement set forth by Legislature –Leveraging existing GenTax® functionality for revenue accounting and security of new system functions

3 Tax Increment Financing Deliverables Finalize design Installation in Development environment (NMD) Acceptance in Test environment (NMT) Acceptance in Pre-production environment (NMS) Acceptance in Production environment (NMP) Total project implementation – four (4) months

4 Project Timeline

5 Appropriations FY08: $64, FY09: $ –NM: Laws 1999, Chapter 10, Section 1, Subsection D & Laws 2007, Chapter 28, Section 3, Subsection I

6 DoIT System Impact Use existing hardware and software residing at DoIT Data Center Production implementation of Tax Increment Financing project will not impact DoIT – handled by TRD in same fashion as all other GenTax® project moves No additional system impact on network

7 Security Strategy Utilizes current GenTax® security structure –Groups –Functions –Roles Incorporated into current TRD backup schedule –Nightly backups –Incremental backups every fifteen (15) minutes All GenTax® systems housed at DoIT data center All transmitted data encrypted

8 Conclusion Tax Increment Financing will provide functionality for a new form of revenue distribution to development projects around the state Implementation of Tax Increment Financing will meet the requirements set forth by Chapter 5 Article 15 NMSA 1976 passed during the 2006 Legislative session Tax Increment Financing will maximize the State of New Mexico’s investment in the GenTax® application


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