SENATE BILL 392

55th legislature - STATE OF NEW MEXICO - first session, 2021

INTRODUCED BY

Gerald Ortiz y Pino

 

 

 

 

 

AN ACT

RELATING TO REVENUE; TRANSFERRING ABOVE TREND REVENUE IN THE GENERAL FUND TO THE COLLEGE AFFORDABILITY ENDOWMENT FUND, TEACHER PREPARATION AFFORDABILITY SCHOLARSHIP FUND, EARLY CHILDHOOD EDUCATION AND CARE FUND, STATE ROAD FUND, SEVERANCE TAX PERMANENT FUND AND RURAL LIBRARIES ENDOWMENT FUND.

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

     SECTION 1. [NEW MATERIAL] TRANSFERS--ABOVE TREND GENERAL FUND REVENUE.--

          A. If, as of the end of a fiscal year, the total revenue and transfers to the general fund in that fiscal year are greater than five percent above the ten-year average growth of the general fund, the excess amount shall be transferred as follows:

                (1) thirty percent to the college affordability endowment fund;

                (2) twenty percent to the teacher preparation affordability scholarship fund;

                (3) twenty percent to the early childhood education and care fund;

                (4) ten percent to the state road fund;

                (5) ten percent to the severance tax permanent fund; and

                (6) ten percent to the rural libraries endowment fund.

          B. As used in this section, "ten-year average growth of the general fund" means the sum of the annual percentage change in total revenue and transfers to the general fund in the immediately preceding ten fiscal years, divided by ten.

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