SENATE BILL 139

52nd legislature - STATE OF NEW MEXICO - second session, 2016

INTRODUCED BY

William E. Sharer

AN ACT

MAKING AN APPROPRIATION TO THE LEGISLATIVE COUNCIL SERVICE FOR PROFESSIONAL STUDIES OF THE GROSS RECEIPTS TAX.

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

     SECTION 1. APPROPRIATION.--Five hundred thousand dollars ($500,000) is appropriated from the general fund to the legislative council service for expenditure in fiscal years 2016 and 2017 to contract with a professional economic research firm and with the bureau of business and economic research at the university of New Mexico and the arrowhead center at New Mexico state university to estimate the gross receipts tax base and evaluate options for replacing or reforming the gross receipts tax. Any unexpended or unencumbered balance remaining at the end of fiscal year 2017 shall revert to the general fund.