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.
___________________________________
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
SB0231FC1.wpd .207581.2