CITY of ALBUQUERQUE
TWENTY FIFTH COUNCIL
COUNCIL BILL NO. C/S O-22-1 ENACTMENT NO. ________________________
SPONSORED BY: DAN LEWIS
ORDINANCE
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C/S Amending Enactment No. O-2018-001 (Council Bill No. O-18-9) To Rescind One Eighth Of One Percent (.125%) Of The Overall Three Eighths Of One Percent (.375%) Gross Receipts Tax Imposed Thereby (Lewis)
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WHEREAS, On March 5, 2018 Albuquerque City Council adopted a three eighths of one percent (.375%) Gross Receipts Tax (the "2018 Increment"); and
WHEREAS, as of Fiscal Year 2021, the receipts generated by the 2018 Increment have transitioned from the required 60% Public Safety focus, to being available to support the City's general operating fund; and
WHEREAS, notwithstanding the economic challenges faced by the City and our community during the COVID-19 pandemic, with support from the Federal Government, the City has managed to evade layoffs and other financial hardships and appears well positioned to continue to fund critical services; and
WHEREAS, given that the initial public safety purpose of the tax has now sunset, and given the relatively strong fiscal footing of the City going forward, the City should repeal the 2018 Increment as a way to assist consumers and businesses; and
WHEREAS, to the extent the City has future revenue needs it should first examine the efficiency and priority of its services and programs as a first measure of fiscal accountability; now
BE IT ORDAINED BY THE COUNCIL, THE GOVERNING BODY OF THE CITY OF ALBUQUERQUE:
SECTION 1. Enactment No. O-2018-001 (Council Bill No. O-18-9), effective March 5, 2018, is amended to rescind one eighth of one percent (.125%) of the overall three eighths of one percent (.375%) Municipal Hold Harmless Gross Receipts Tax imposed thereby. This change becomes effective on July 1, 2022, resulting in a one quarter of one percent (.25%) Municipal Hold Harmless Gross Receipts Tax thereafter.
SECTION 2. Sect...
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