SENATE PUBLIC AFFAIRS COMMITTEE SUBSTITUTE FOR

SENATE BILL 97

50th legislature - STATE OF NEW MEXICO - first session, 2011

AN ACT

RELATING TO PUBLIC ASSISTANCE; AMENDING A SECTION OF THE NEW MEXICO WORKS ACT TO RAISE THE LIQUID RESOURCES EXCLUSION TO FOUR THOUSAND DOLLARS ($4,000).

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

     SECTION 1. Section 27-2B-8 NMSA 1978 (being Laws 1998, Chapter 8, Section 8 and Laws 1998, Chapter 9, Section 8, as amended) is amended to read:

     "27-2B-8. RESOURCES.--

          A. Liquid and nonliquid resources owned by the benefit group shall be counted in the eligibility determination.

          B. A benefit group may at a maximum own the following resources:

                (1) two thousand dollars ($2,000) in nonliquid resources;

                (2) [one thousand five hundred dollars ($1,500)] four thousand dollars ($4,000) in liquid resources;

                (3) the value of the principal residence of the participant;

                (4) the value of burial plots and funeral contracts for family members;

                (5) individual development accounts; and

                (6) the value of work-related equipment up to one thousand dollars ($1,000).

          C. Vehicles owned by the benefit group shall not be considered in the determination of resources attributed to the benefit group."

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