Fiscal impact reports (FIRs) are prepared by the Legislative Finance Committee (LFC) for standing finance
committees of the NM Legislature. The LFC does not assume responsibility for the accuracy of these reports
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F I S C A L I M P A C T R E P O R T
SPONSOR Fox-Young
ORIGINAL DATE
LAST UPDATED
2/26/07
3/07/07 HB 1191/aHBIC
SHORT TITLE Cigarette Tax Stamp Time Periods
SB
ANALYST Wilson
ESTIMATED ADDITIONAL OPERATING BUDGET IMPACT (dollars in thousands)
FY07
FY08
FY09 3 Year
Total Cost
Recurring
or Non-Rec
Fund
Affected
Total
$0.1
$0.1
$0.1 Recurring General
Fund
(Parenthesis ( ) Indicate Expenditure Decreases)
SOURCES OF INFORMATION
LFC Files
SUMMARY
Synopsis of HBIC Amendment
The House Business & Industry Committee Amendment defines a reasonable time period as 30
days.
Synopsis of Original Bill
House Bill 1191 provides that stamps for cigarette packages for excise tax purposes be affixed
by distributors within a reasonable time period.
Stamps shall be affixed by the distributor to each package of cigarettes to be sold or distributed
in New Mexico within a reasonable time period of receipt of those packages. Current law states
that stamps must be affixed by the distributor within ten days.
The effective date of the provisions of this act is July 1, 2007.
FISCAL IMPLICATIONS
There is no fiscal implication.
SIGNIFICANT ISSUES
The provisions in this bill will make it harder for Taxation and Revenue staff to enforce the ciga-
rette excise tax as this bill makes the affixing of stamps requirements rather vague.