FIFTY-THIRD LEGISLATURESB 231/a

FIRST SESSION, 2017



March 7, 2017


Mr. President:


    Your FINANCE COMMITTEE, to whom has been referred


SENATE BILL 231, as amended


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

 

1. On page 1, line 14, strike "THE NEW" and on line 15, strike

"INCREASES IN THE".


    2. On page 1, line 16, strike "GENERAL FUND" and insert in lieu thereof "STATE EQUALIZATION GUARANTEE DISTRIBUTION".


    3. On page 9, line 4, strike the closing quotation mark.


    4. On page 9, between lines 4 and 5, insert the following:


         "G. A distribution pursuant to Section 7-1-6.1 NMSA 1978 in an amount equal to eighty-six and seventy-eight hundredths percent of the net receipts, exclusive of penalties and interest, attributable to the cigarette tax shall be made to the public school fund for the state equalization guarantee distribution."


    SECTION 5. A new section of the Tax Administration Act is enacted to read:


    "[NEW MATERIAL] DISTRIBUTION--TOBACCO PRODUCTS TAX TO THE STATE EQUALIZATION GUARANTEE DISTRIBUTION.--A distribution pursuant to Section 7-1-6.1 NMSA 1978 shall be made to the public school fund for the state equalization guarantee distribution in an amount equal to the net receipts attributable to the tobacco products tax."".


    5. Renumber the succeeding sections accordingly.



 

                               Respectfully submitted,




                               ___________________________________

                               John Arthur Smith, Chairman




Adopted_______________________ Not Adopted_______________________

          (Chief Clerk) (Chief Clerk)




                  Date ________________________



The roll call vote was 9 For 3 Against

Yes:      9

No:       Burt, Kernan, Neville

Excused: None

Absent:   None



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