FORTY-SIXTH LEGISLATURE

SECOND SESSION, 2004

February 6, 2004

Mr. Speaker:

    Your TAXATION AND REVENUE COMMITTEE, to whom has been referred

HOUSE BUSINESS AND INDUSTRY COMMITTEE SUBSTITUTE

 FOR HOUSE BILL 394

has had it under consideration and reports same WITHOUT RECOMMENDATION amended as follows:

     1. On page 4, line 2, after "contracts" insert a comma and "excluding disability income insurance or contracts,".

     2. On page 6, line 23, after "that" insert a colon.

     3. On page 6, line 24, before "with" insert the subsection designation "A.".

     4. On page 7, line 2, strike the period and the quotation mark and insert in lieu thereof"; and".

     5. On page 7, between lines 2 and 3, insert the following subsection:

          "B. on or after July 1, 2004, any premium tax overpaid between January 1, 2003 and March 20, 2003 because of the application of Subsection E of Section 59A-6-2 NMSA 1978, as amended by Laws 2003, Chapter 58, Section 1, may be credited against future premium tax payments."".