FORTY-SECOND LEGISLATURE SB 170/a SECOND SESSION, 1996 February 7, 1996 Mr. President: Your WAYS AND MEANS COMMITTEE, to whom has been referred SENATE BILL 170 has had it under consideration and reports same with recommendation that it DO PASS, amended as follows: 1. On page 1, line 13, before the period insert "; ENACTING A NEW SECTION OF THE PROPERTY TAX CODE TO PROVIDE FOR IMPOSITION OF A CHARGE TO OFFSET THE COST OF EXPANDING AND INCREASING THAT TAX REBATE". 2. On page 5, strike lines 5 and 6, and insert in lieu thereof the following sections: "Section 2. A new section of the Property Tax Code is enacted to read: "[NEW MATERIAL] RECIPIENTS OF REVENUE PRODUCED THROUGH AD VALOREM LEVIES REQUIRED TO PAY ADDITIONAL CHARGE TO OFFSET COST OF EXPANDING STATE PROPERTY TAX REBATE FOR THE ELDERLY.-- A. Prior to the distribution to a revenue recipient of revenue received by a county treasurer and in addition to any other administrative charge, the treasurer shall bill the revenue recipient as a charge to offset the cost of expanding the state property tax rebate for the elderly an amount equal to one percent of the revenue received. B. All charges collected by the county treasurer pursuant to this section shall be transferred to the state treasurer for deposit in the state general fund no later than June 30 of the year following the property tax year for which the revenues were collected. C. As used in this section: (1) "revenue" means money for which a county treasurer has the legal responsibility for collection and that is owed to a revenue recipient as a result of an imposition authorized by law of a rate expressed in mills per dollar or dollars per thousand dollars of net taxable value of property, assessed value of property or a similar term, including but not limited to money resulting from the authorization of rates and impositions under special levies for special purposes and benefit assessments, but does not include money resulting from impositions under Paragraph (3) of Subsection C of Section 7-37-7 NMSA 1978; and (2) "revenue recipient" means the state and any of its political subdivisions that are authorized by law to receive revenue." Section 3. APPLICABILITY.-- A. The provisions of Section 1 of this act apply to taxable years beginning on or after January 1, 1996. B. The provisions of Section 2 of this act apply to 1996 and subsequent property tax years."., and thence referred to the FINANCE COMMITTEE. Respectfully submitted, __________________________________ TITO D. CHAVEZ, Chairman Adopted_______________________ Not Adopted_______________________ (Chief Clerk) (Chief Clerk) Date ________________________  The roll call vote was 3 For 2 Against Yes: 3 No: Rawson, Wiener Excused: Campos, Jennings, Riley Absent: None S0170WM1 .111754.1