0001|                        SENATE BILL 692
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0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003|     1996
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0004|                         INTRODUCED BY
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0005|                        MANNY M. ARAGON
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0006|     
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0007|                                
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0008|     
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0009|     
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0010|     
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0011|                             AN ACT
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0012|     RELATING TO REVENUES; REPEALING DISTRIBUTIONS TO LOCAL
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0013|     GOVERNMENTS OF STATE TAX REVENUES AND REDISTRIBUTING THE
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0014|     REVENUES TO THE PUBLIC PROJECT REVOLVING FUND FOR THE ISSUANCE
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0015|     OF NEW MEXICO FINANCE AUTHORITY BONDS FOR STATE AND LOCAL
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0016|     CAPITAL PROJECTS; AMENDING, REPEALING AND ENACTING SECTIONS OF
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0017|     THE NMSA 1978.
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0018|     
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0019|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0020|       Section 1.  A new section of the Tax Administration Act,
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0021|     Section 7-1-6.40 NMSA 1978, is enacted to read:
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0022|       "7-1-6.40.  [<u>NEW MATERIAL</u>]  DISTRIBUTIONS--PUBLIC PROJECT
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0023|     REVOLVING FUND.--
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0024|            A.  Distributions pursuant to Section 7-1-6.1 NMSA
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0025|     1978 shall be made to the public project revolving fund in the
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0001|     following amounts of the following taxes:
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0002|                 (1)  an amount equal to twenty-five percent of
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0003|     the net receipts attributable to the gross receipts tax;
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0004|                 (2)  an amount equal to twenty percent of the
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0005|     net receipts attributable to the compensating tax;
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0006|                 (3)  an amount equal to twenty-three and thirty-four hundredths percent of the net receipts attributable to the
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0007|     gasoline tax;
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0008|                 (4)  an amount equal to eleven and eleven
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0009|     hundredths percent of the net receipts attributable to the
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0010|     special fuel excise tax; and         
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0011|                 (5)  an amount equal to fourteen and one-fourth
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0012|     percent of the net receipts attributable to the cigarette tax.
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0013|            B.  The state pledges to and agrees with the holders
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0014|     of any bonds or notes issued by the New Mexico finance authority
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0015|     and payable from that portion of the net receipts attributable
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0016|     to the gross receipts tax, compensating tax, gasoline tax,
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0017|     special fuel excise tax and cigarette tax distributed to the New
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0018|     Mexico finance authority pursuant to this section that the state
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0019|     will not limit, reduce or alter that distribution of a portion
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0020|     of the net receipts attributable to the gross receipts tax,
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0021|     compensating tax, gasoline tax, special fuel excise tax and
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0022|     cigarette tax to the New Mexico finance authority or limit,
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0023|     reduce or alter the rate of imposition of the gross receipts
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0024|     tax, compensating tax, gasoline tax, special fuel excise tax and
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0025|     cigarette tax until the bonds or notes together with the
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0001|     interest on the bonds are fully met and discharged.  The New
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0002|     Mexico finance authority is authorized to include this pledge
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0003|     and agreement of the state in any agreement with the holders of
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0004|     the bonds or notes."
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0005|       Section 2.  Section 7-1-6.10 NMSA 1978 (being Laws 1983,
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0006|     Chapter 211, Section 15, as amended by Laws 1995, Chapter 6,
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0007|     Section 4 and also by Laws 1995, Chapter 16, Section 11) is
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0008|     amended to read:
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0009|       "7-1-6.10.  DISTRIBUTIONS--STATE ROAD FUND.--
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0010|            A.  A distribution pursuant to Section 7-1-6.1 NMSA
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0011|     1978 shall be made to the state road fund in an amount equal to
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0012|     the net receipts attributable to the taxes, surcharges,
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0013|     penalties and interest imposed pursuant to the Gasoline Tax Act
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0014|     and to the taxes, surtaxes, fees, penalties and interest imposed
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0015|     pursuant to the Special Fuels Tax Act, the Special Fuels
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0016|     Supplier Tax Act and the Alternative Fuel Tax Act less:
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0017|                 (1)  the amount distributed to the state
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0018|     aviation fund pursuant to Subsection <s>[C]</s> <u>B</u> of Section
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0019|     7-1-6.7 NMSA 1978;
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0020|                 (2)  the amount distributed to the motorboat
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0021|     fuel tax fund pursuant to Section 7-1-6.8 NMSA 1978; <u>and</u>
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0022|                 <s>[(3)  the amount distributed to municipalities
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<s></s>0023| <s>    and counties pursuant to Subsection A of Section 7-1-6.9 NMSA
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<s></s>0024| <s>    1978;
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<s></s>0025| <s>                (4)  the amount distributed to the county
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<s></s>0001| <s>    government road fund pursuant to Section 7-1-6.19 NMSA 1978;
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<s></s>0002| <s>                (5)  the amount distributed to the corrective
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<s></s>0003| <s>    action fund pursuant to Section 7-1-6.25 NMSA 1978;
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<s></s>0004| <s>                (6)  the amount distributed to the
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<s></s>0005| <s>    municipalities pursuant to Section 7-1-6.27 NMSA 1978; 
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<s></s>0006| <s>                (7)  the amount distributed to the municipal
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<s></s>0007| <s>    arterial program and the local governments road fund pursuant to
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<s></s>0008| <s>    Section 7-1-6.28 NMSA 1978; and
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<s></s>0009| <s>                (8)  the amount distributed to the general fund
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<s></s>0010| <s>    pursuant to Section 7-1-6.37 NMSA 1978.]
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<s></s>0011| <s>                <u>(3)  the amounts distributed to the public
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<u><s></u></s>0012| <u><s>    project revolving fund pursuant to Section 7-1-6.40 NMSA 1978</u>.
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<s></s>0013| <s>           B.  A distribution pursuant to Section 7-1-6.1 NMSA
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<s></s>0014| <s>    1978 shall be made to the state road fund in an amount equal to
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<s></s>0015| <s>    the net receipts attributable to the taxes, fees, interest and
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<s></s>0016| <s>    penalties from the Weight Distance Tax Act."
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<s></s>0017| <s>      Section 3.  Section 7-1-6.11 NMSA 1978 (being Laws 1983,
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<s></s>0018| <s>    Chapter 211, Section 16, as amended) is amended to read:
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<s></s>0019| <s>      "7-1-6.11.  DISTRIBUTIONS OF CIGARETTE TAXES.--
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<s></s>0020| <s>           [A.  A distribution pursuant to Section 7-1-6.1 NMSA
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<s></s>0021| <s>    1978 shall be made to the county and municipality recreational
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<s></s>0022| <s>    fund in an amount equal to four and three-quarters percent of
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<s></s>0023| <s>    the net receipts, exclusive of penalties and interest,
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<s></s>0024| <s>    attributable to the cigarette tax.
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<s></s>0025| <s>           B.  A distribution pursuant to Section 7-1-6.1 NMSA
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<s></s>0001| <s>    1978 shall be made to the county and municipal cigarette tax
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<s></s>0002| <s>    fund in an amount equal to nine and one-half percent of the net
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<s></s>0003| <s>    receipts, exclusive of penalties and interest, attributable to
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<s></s>0004| <s>    the cigarette tax.
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<s></s>0005| <s>           C.]</s> <u>A.</u>  A distribution pursuant to Section 7-1-6.1
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0006|     NMSA 1978 shall be made to the cancer center at the university
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0007|     of New Mexico school of medicine in an amount equal to four and
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0008|     <s>[three-quarters]</s> <u>three-fourths</u> percent of the net receipts,
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0009|     exclusive of penalties and interest, attributable to the
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0010|     cigarette tax.
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0011|            <s>[D.]</s> <u>B.</u>  A distribution pursuant to Section 7-1-6.1 NMSA 1978 shall be made to the New Mexico finance authority
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0012|     in an amount equal to seven and one-eighth percent of the net
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0013|     receipts, exclusive of penalties and interest, attributable to
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0014|     the cigarette tax."
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0015|       Section 4.  REPEAL.--Sections 7-1-6.2, 7-1-6.4, 7-1-6.5, 
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0016|     7-1-6.9, 7-1-6.16, 7-1-6.19, 7-1-6.26 through 7-1-6.28 and 
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0017|     7-1-6.39 NMSA 1978 (being Laws 1983, Chapter 211, Sections 7, 9
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0018|     and 10, Laws 1991, Chapter 9, Section 11, Laws 1983, Chapter
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0019|     213, Section 27, Laws 1991, Chapter 9, Section 15, Laws 1987,
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0020|     Chapter 347, Section 11, Laws 1991, Chapter 9, Sections 20 and
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0021|     22 and Laws 1995, Chapter 6, Section 9, as amended) are
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0022|     repealed.
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0023|       Section 5.  EFFECTIVE DATE.--The effective date of the
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0024|     provisions of this act is July 1, 1996.
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0025|     
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0001|           
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0002|   
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0003|                    FORTY-SECOND LEGISLATURE
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0004|                      SECOND SESSION, 1996
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0005|   
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0006|   
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0007|                                              JANUARY 31, 1996
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0008|   
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0009|   Mr. President:
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0010|   
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0011|     Your COMMITTEES' COMMITTEE, to whom has been referred
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0012|   
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0013|                           SENATE BILL 692
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0014|   
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0015|   has had it under consideration and finds same to be GERMANE, PURSUANT
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0016|   TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE
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0017|   COMMITTEE.
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0018|   
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0019|                              Respectfully submitted,
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0020|   
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0021|   
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0022|   
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0023|   
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0024|                              __________________________________
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0025|                              SENATOR MANNY M. ARAGON, Chairman 
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0001|   
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0002|   
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0003|   
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0004|   Adopted_______________________ Not Adopted_______________________
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0005|             (Chief Clerk)                        (Chief Clerk)
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0006|   
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0007|   
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0008|                     Date ________________________
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0009|   
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0010|   
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0011|   
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0012|     S0692CC1
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0013|   
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0014|                      FORTY-SECOND LEGISLATURE
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0015|                        SECOND SESSION, 1996
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0016|   
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0017|   
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0018|                                                  February 12, 1996
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0019|   
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0020|   Mr. President:
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0021|   
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0022|     Your FINANCE COMMITTEE, to whom has been referred
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0023|   
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0024|                           SENATE BILL 692
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0025|   
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0001|   has had it under consideration and reports same with recommendation that
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0002|   it DO PASS.
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0003|   
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0004|                              Respectfully submitted,
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0005|   
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0006|   
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0007|   
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0008|                              __________________________________
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0009|                              Ben D. Altamirano, Chairman 
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0010|   
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0011|   
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0012|   
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0013|   Adopted_______________________ Not Adopted_______________________
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0014|             (Chief Clerk)                          (Chief Clerk)
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0015|   
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0016|   
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0017|   
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0018|                     Date ________________________
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0019|   
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0020|   
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0021|   The roll call vote was <u> 8 </u> For <u> 0 </u> Against
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0022|   Yes:  8
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0023|   No:        0
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0024|   Excused:   Donisthorpe, Duran, Ingle, Kidd, Kysar
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0025|   Absent:    None
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0001|   
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0002|   
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0003|   S0692FC1
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0004|   
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