Revised: June 22, 2001

TENTATIVE AGENDA

REVENUE STABILIZATION AND TAX POLICY COMMITTEE

June 26-27, 2001

Room 322, State Capitol

Tuesday, June 26

10:00 a.m. CALL TO ORDER

--Senator John Arthur Smith, Chairman

STAFF REPORT

--Approved Work Plan and Meeting Schedule

--Follow-up Items from May Meeting

10:30 a.m. IMPACT OF FEDERAL TAX CHANGES ON STATE REVENUES AND ON NEW MEXICO RESIDENTS

--Glenn Ellington, Secretary of Taxation and Revenue

--Marilyn Hill, Taxation and Revenue Department

11:15 a.m. PROPOSED LEGISLATION

Income Tax Deduction for Capital Gains from Sale of Closely Held Business

--Senator Shannon Robinson

11:30 a.m. OVERVIEW OF NEW MEXICO REVENUE SOURCES

--Janet Peacock, Fiscal and Research Analyst, Legislative Council

Service

12:30 p.m. LUNCH

1:30 p.m. TAX POLICY STUDY AND TAX REFORM ISSUES

Introduction

--Staff

New Mexico First Town Hall Report, New Mexico Taxes: Taking Another Look

--Judy Zanotti, Executive Director, New Mexico First

Committee Discussion

--Decisions on Future Committee Action

3:30 p.m. OIL AND GAS REVENUE TRENDS

--Tom Clifford, Deputy Secretary of Finance and Administration

Wednesday, June 27

9:30 a.m. LOCAL GOVERNMENT CONCERNS ABOUT REVENUE DISTRIBUTION PROCESS

--Bill Fulginetti, Executive Director, Municipal League

--Lester Nixon, Acting Director, Association of Counties

--Taxation and Revenue Department Staff

10:30 a.m. TAX ADMINISTRATION ISSUES

--Panel Discussion of Taxpayer and Tax Practitioner Concerns

12:30 p.m. ADJOURN