HOUSE BILL 717
47th legislature - STATE OF NEW MEXICO - first session, 2005
INTRODUCED BY
Daniel P. Silva
AN ACT
RELATING TO TAXATION; AUTHORIZING THE IMPOSITION OF A PROPERTY TAX FOR RENOVATION AND REPLACEMENT OF PUBLIC POST-SECONDARY EDUCATIONAL INSTITUTION BUILDINGS; REQUIRING APPROVAL OF THE TAX BY THE VOTERS; PROVIDING FOR A DISTRIBUTION; ENACTING THE HIGHER EDUCATION BUILDING REPLACEMENT AND RENOVATION TAX ACT; MAKING AN APPROPRIATION.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
Section 1. SHORT TITLE.--This act may be cited as the "Higher Education Building Replacement and Renovation Tax Act".
Section 2. DEFINITION.--As used in the Higher Education Building Replacement and Renovation Tax Act, "public post-secondary educational institution" means any institution designated in Article 12, Section 11 of the constitution of New Mexico and any institution designated in Chapter 21, Articles 13, 14, 16 and 17 NMSA 1978.
Section 3. HIGHER EDUCATION BUILDING REPLACEMENT AND RENOVATION TAX--PURPOSE--ELECTION REQUIRED--IMPOSITION.--
A. The secretary of state shall issue a proclamation calling a special statewide election scheduled not later than December 31, 2005 to submit to the voters the question of whether to authorize the imposition of a property tax, to be known as the "higher education building replacement and renovation tax", for a period of twelve property tax years. The tax shall be imposed at a rate of two dollars fifty cents ($2.50) on each one thousand dollars ($1,000) of taxable value of property in the state. The higher education building replacement and renovation tax shall be used for the replacement and renovation of buildings for public post-secondary educational institutions.
B. If a majority of the registered voters in the state voting on the question submitted pursuant to Subsection A of this section votes against the higher education building replacement and renovation tax, the tax shall not be imposed.
Section 4. CONDUCT OF SPECIAL STATEWIDE ELECTION--BALLOT.--
A. The special statewide election pursuant to the Higher Education Building Replacement and Renovation Tax Act shall be conducted and canvassed substantially as provided for general elections in the Election Code. The proclamation calling the election shall be filed and published in accordance with Subsection B of this section.
B. After filing with each county clerk the proclamation calling the special statewide election and not less than twenty-one days before the date of the election, the secretary of state shall publish the proclamation once each week for three consecutive weeks in at least four daily newspapers of general circulation in the state. The proclamation shall specify:
(1) the date on which the election will be held;
(2) the question of whether the imposition of a higher education building replacement and renovation tax for the replacement and renovation of buildings for public post-secondary educational institutions shall be authorized pursuant to the Higher Education Building Replacement and Renovation Tax Act at a rate of two dollars fifty cents ($2.50) for each one thousand dollars ($1,000) of taxable value of property in the state for a period of twelve property tax years;
(3) the location of each precinct polling place and the hours each polling place will be open; and
(4) the date and time of the closing of the registration books by the county clerk as required by law.
C. The ballot shall offer the voter the choice of voting for or against the following question:
"Shall a statewide property tax, to be known as the higher education building replacement and renovation
tax, be imposed for the replacement or renovation of buildings for public post-secondary educational institutions at a rate of two dollars fifty cents ($2.50) on each one thousand dollars ($1,000) of taxable value of property in the state for a period of twelve property tax years?".
Section 5. IMPOSITION OF THE TAX.--
A. If a majority of the registered voters in the state voting on the question of imposing the higher education building replacement and renovation tax pursuant to the Higher Education Building Replacement and Renovation Tax Act votes in favor of the imposition of the tax, the tax shall be imposed for the succeeding twelve property tax years at a rate of two dollars fifty cents ($2.50) on each one thousand dollars ($1,000) of taxable value of property in the state.
B. The secretary of state shall certify the results of the election and, if the result is in favor of the imposition of the higher education building renovation and replacement tax, that result shall be certified to the department of finance and administration. At the time other property tax rates are set and certified by the department of finance and administration pursuant to the provisions of Section 7-38-33 NMSA 1978, the department of finance and administration shall set and certify the higher education building replacement and renovation tax rate.
Section 6. HIGHER EDUCATION BUILDING REPLACEMENT AND RENOVATION TAX FUND--CREATION--DISTRIBUTION.--
A. The "higher education building replacement and renovation tax fund" is created in the state treasury. The fund shall consist of money appropriated and transferred to the fund for higher education building replacement and renovation tax revenues distributed to the fund by law. Earnings from investment of the fund shall be credited to the fund. Money in the fund is appropriated to the commission on higher education for annual distribution to public post-secondary educational institutions for the replacement and renovation of buildings of those institutions based upon the commission's determination of each institution's need for building replacement or renovation. Except as otherwise provided, any unexpended or unencumbered balance remaining at the end of a fiscal year shall not revert. Disbursements from the fund shall be made upon warrants drawn by the secretary of finance and administration pursuant to vouchers signed by the executive director of the commission on higher education or the authorized representative of the executive director of the commission of higher education.
B. Upon collection of the higher education building replacement and renovation tax by the county treasurer and the taxation and revenue department, the proceeds shall be forwarded to the state treasurer for deposit in the higher education building replacement and renovation tax fund.
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