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

 

 

SPONSOR:

Sandoval

 

DATE TYPED:

01/30/02

 

HB

394

 

SHORT TITLE:

Podiatrists Gross Receipts Deduction

 

SB

 

 

 

ANALYST:

Gilbert

 

REVENUE

 

Estimated Revenue

Subsequent

Years Impact

Recurring

or Non-Rec

Fund

Affected

FY02

FY03

 

 

 

 

$                 (74.0)

*See Narrative

Recurring

General Fund

 

$                 (58.0)

*See Narrative

Recurring

Local Government

 

(Parenthesis ( ) Indicate Revenue Decreases)

 

Relates to SB 342

 

SOURCES OF INFORMATION

 

LFC Files

 

SUMMARY

 

     Synopsis of Bill

 

House Bill 394 makes a technical amendment to Section 7-9-77.1 NMSA 1978, to include podiatrists within the definition of medical doctor. It also clarifies the definition of “osteopaths.”

 

     Significant Issues

 

Section 7-9-77.1 NMSA 1978 currently provides a gross receipts tax exemption for payments from the United States government to physicians for medical services rendered. This bill clarifies that podiatrists are indeed medical doctors.  The bill extends 1998's Medicare B deduction for doctors and osteopaths and 2000's expansion to Medicare B receipts of hospices to podiatrists.

FISCAL IMPLICATIONS

 

For a similar bill (SB195) introduced during the 2001 Legislative Session, the Taxation and Revenue Department (TRD) indicated the estimated full year impact on the general fund to be negative

 

 

 

 

$74.0 and negative $58.0 impact to local government revenues. The TRD estimate assumed 17.8% of podiatrist's receipts are derived from Medicare, and reports the actual percentage might be higher.

 

RLG/ar

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