Bill aims to change use of gross receipts tax funds at Spaceport America

KDBC
Thursday, January 30, 2014 - 6:56pm

A proposed new law on how gross receipts tax dollars are being used at Spaceport America could have a large impact on the growing facility.

Dona Ana County Senator Lee Cotter has introduced legislation that would prevent the spaceport from using gross receipts tax dollars to pay for operations.

Cotter's bill states the money should be used to pay back about $76 million in bonds that tax payers approved to build the $212 million spaceport.

Spaceport America Executive Director Christine Andersomn said any excess funds after making regular payments could not be applied to the bonds until 2019.

She added the use of the excess funds for operations was approved by the Tax District Board and the New Mexico Spaceport Authority during open meetings capping a seven-month long process.

Anderson said the currently don't have the revenue stream with tenants just now picking up their activity at the spaceport and the use of those funds is crucial as they continue to grow.

Anderson added she wouldn't be opposed to revisiting the issue down the road but if passed the law would have a major negative impact to Spaceport America.

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