FIFTY-FIFTH LEGISLATURESB 1/a
FIRST SESSION, 2021
February 5, 2021
Mr. President:
Your FINANCE COMMITTEE, to whom has been referred
SENATE BILL 1
has had it under consideration and reports same with recommendation that it DO PASS, amended as follows:
1. On page 4, strike lines 2 through 10 in their entirety and insert in lieu thereof the following:
"A. A resident who is not a dependent of another individual and has received a working families tax credit for which the taxpayer was eligible to claim against the resident's income tax liability for taxable year 2020 may be eligible for a tax rebate of six hundred dollars ($600); provided that the resident had the following adjusted gross income for taxable year 2020:
(1) for single individuals, an adjusted gross income of thirty-one thousand two hundred dollars ($31,200) or less; and
(2) for heads of household, surviving spouses and married individuals filing joint returns, an adjusted gross income of thirty-nine thousand dollars ($39,000) or less.
B. The rebate provided by this section may be deducted from the taxpayer's New Mexico income tax liability.".
2. Reletter the succeeding subsections accordingly.
3. On page 4, line 24, strike "restaurant or bar" and insert in lieu thereof "food and beverage establishment".
4. On page 5, line 14, strike "and" and insert in lieu thereof "or".
5. On page 6, between lines 15 and 16, insert the following new section:
"SECTION 4. TEMPORARY PROVISION--AMOUNTS IN LIEU OF GROSS RECEIPTS.--Any amount passed on to a customer in lieu of a gross receipts tax on receipts for which a food and beverage establishment may deduct pursuant to Section 3 of this 2021 act shall not be considered gross receipts.".
6. Renumber succeeding sections accordingly.
___________________________________
GEORGE MUÑOZ, CHAIRMAN
Adopted_______________________ Not Adopted_______________________
(Chief Clerk) (Chief Clerk)
Date ________________________
The roll call vote was 10 For 0 Against
Yes: 10
No: 0
Excused: Gonzales
Absent: None
SB0001FC1.wpd .219386.4