Industrial Revenue Bonds are one of New Mexico’s myriad economic development incentives. As as a far inferior option relative to reforming New Mexico’s tax and regulatory structure, there ARE worse economic development incentives (film subsidies come to mind).
What KOAT 7 wanted to know in this story is whether IRB’s are effective when used to subsidize development of a soccer stadium. The answer to that is “no.” To the extent that IRB’s are to be used (they technically don’t COST taxpayers money, but provide generous property and GRT breaks), they should be used to bring major businesses like Intel (discussed in the story) to our State.
Check it out below: