FIFTY-SIXTH LEGISLATURE

FIRST SESSION, 2023

 

February 17, 2023

 

 

 

Mr. Speaker:

 

    Your TAXATION & REVENUE COMMITTEE, to whom has been referred

 

HOUSE BILL 368

 

has had it under consideration and reports same with recommendation that it DO PASS, amended as follows:

 

1. On page 14, line 19, strike "sum".

 

    2. On page 15, line 19, strike "forty percent" and insert in lieu thereof "less the amount" and after "gains", insert "that may be deducted pursuant to Section 7-2-34 NMSA 1978 and is".

 

    3. On page 16, line 24, before the comma, insert "or the

Corporate Income and Franchise Tax Act".

 

    4. On page 17, line 6, strike "and" and on line 8, before the period, insert the following:

 

"; and

 

              (4) "pass-through entity" means a partnership or corporation that elects to pass income, losses, deductions and credits through to the entity's shareholders for federal tax purposes".

 

 

                             

                             Respectfully submitted,

 

 

 

                                                                 

DERRICK LENTE, CHAIR

 

 

Adopted     Not Adopted

           (Chief Clerk)                            (Chief Clerk)

 

Date

 

 

The roll call vote was 12 For 0 Against

Yes:      12

No:       0

Excused:  Martínez, J., Serrato

Absent:   None

 

225338.4

 

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