FOR IMMEDIATE RELEASE
February 8, 2020
Contact: Matt Garcia-Sierra, email@example.com
IRB legislation moves forward with GOP Leader Townsend amendment
Santa Fe, NM– The New Mexico House of Representatives today passed an amended version of House Bill 50, a measure to change the Industrial Revenue Bond (IRB) Act to include electric transmission facilities projects. House Republican Leader Jim Townsend (R-Artesia) amended the bill to require that any negotiated Payment in Lieu of Taxes (PILT) payments to school districts must be equal to or greater than they would have been without a negotiated IRB.
“Thank you Rep. Small for changing your mind to accept my amendment that ensures our schools are held whole in terms of funding,” said House GOP Leader Townsend, “We look forward to watching this bill proceed through the Senate to further bolster our support of schools in New Mexico.”
The amended version of HB 50 was approved by the chamber on a vote of 48-21.