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F I S C A L I M P A C T R E P O R T





SPONSOR: Heaton DATE TYPED: 02/10/00 HB HJM 30
SHORT TITLE: Study NM Tax Structure SB
ANALYST: Williams


APPROPRIATION



Appropriation Contained
Estimated Additional Impact
 Recurring

or Non-Rec

 Fund

Affected

FY00 FY01 FY00 FY01
None

(Parenthesis ( ) Indicate Expenditure Decreases)



REVENUE



Estimated Revenue
 Subsequent

Years Impact

 Recurring

or Non-Rec

 Fund

Affected

FY00 FY01
None

(Parenthesis ( ) Indicate Revenue Decreases)



Relates to HB 282, HJM 30, SJM 25



SOURCES OF INFORMATION



Taxation and Revenue Department (TRD)



SUMMARY



Synopsis of Bill



The bill requests the Revenue Stabilization and Tax Policy Committee to study New Mexico's state and local tax structure and determine its adequacy for the 21st Century. The bill discusses the changing global economy and specifically addresses changes in technology, computers, medicine, telecommunications, the retail environment, widespread deregulation and consolidation of industries. The bill also has a brief history of imposition of New Mexico's taxes and highlights the need for review and potentially change. The committee would develop revenue neutral recommendations that would not change the per capita state and local tax burden and report by December 15, 2000.



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