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SPONSOR: |
Robinson |
DATE TYPED: |
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HB |
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SHORT TITLE: |
Nonprofit Organization Property Taxes, CA |
SJR |
25 |
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ANALYST: |
Neel |
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REVENUE
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Estimated Revenue |
Subsequent Years Impact |
Recurring or
Non-Rec |
Fund Affected |
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FY03 |
FY04 |
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See
Narrative |
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(Parenthesis ( ) Indicate Revenue Decreases)
Relates to:
HB-71, Expand Disabled Veteran Exemption
HB-85, Expand Disabled Vet Exemption
SB 119, Increase Veteran’s Tax
Exemption
SB 188, Implement Increased Veteran Tax Exemption
LFC files
Responses
Received From
Department
of Finance and Administration (DFA)
SUMMARY
Synopsis
of Bill
This joint resolution proposes an amendment to Article 8, Section 3 of the Constitution of New Mexico to exempt from property taxation the property of certain non-profit Fraternal and Veterans organizations.
Significant
Issues
Specifically, this bill will exempt from taxation the
property of fraternal societies, orders or associations, veterans' posts, organizations,
auxilary units or societies of such posts or organizations or other
associations of past or present members of the armed forces of the
FISCAL IMPLICATIONS
As is the case with many other property tax exemptions, the proposed exemption would generally impose no significant revenue losses, but shift the property tax burden to individuals not receiving the deduction via rate increases.
SN/yr:njw