0001| HOUSE BILL 589
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0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003| INTRODUCED BY
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0004| BEN LUJAN
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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|
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0010| AN ACT
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0011| RELATING TO TAXATION; EXPANDING ELIGIBILITY FOR THE LOCAL
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0012| OPTION LOW-INCOME PROPERTY TAX REBATE PURSUANT TO THE INCOME
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0013| TAX ACT.
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0014|
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0015| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0016| Section 1. Section 7-2-14.3 NMSA 1978 (being Laws 1994,
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0017| Chapter 111, Section 1) is amended to read:
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0018| "7-2-14.3. TAX REBATE OF PART OF PROPERTY TAX DUE FROM
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0019| LOW-INCOME TAXPAYER--LOCAL OPTION--REFUND.--
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0020| A. The tax rebate provided by this section may be
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0021| claimed for the taxable year for which the return is filed by
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0022| an individual who:
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0023| (1) has his principal place of residence in a
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0024| county that has adopted an ordinance pursuant to Subsection G
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0025| of this section;
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0001| (2) is not a dependent of another individual;
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0002| (3) files a return; and
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0003| (4) incurred a property tax liability on his
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0004| principal place of residence in the taxable year.
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0005| B. The tax rebate provided by this section shall be
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0006| allowed for any individual eligible to claim the refund
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0007| pursuant to Subsection A of this section and who:
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0008| (1) was not an inmate of a public institution
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0009| for more than six months during the taxable year;
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0010| (2) was physically present in New Mexico for
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0011| at least six months during the taxable year for which the
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0012| rebate is claimed; and
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0013| (3) is eligible for the rebate as a low-income
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0014| property taxpayer in accordance with the provisions of
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0015| Subsection D of this section.
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0016| C. A husband and wife who file separate returns for
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0017| the taxable year in which they could have filed a joint return
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0018| may each claim only one-half of the tax rebate that would have
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0019| been allowed on the joint return.
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0020| D. As used in the table in this subsection,
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0021| "property tax liability" means the amount of property tax
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0022| resulting from the imposition of the county and municipal
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0023| property tax operating impositions on the net taxable value of
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0024| the taxpayer's principal place of residence calculated for the
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0025| year for which the rebate is claimed. The tax rebate provided
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0001| in this section is as specified in the following table:
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0002| LOW-INCOME TAXPAYER'S PROPERTY TAX REBATE TABLE
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0003| Taxpayer's Modified Gross Income Property Tax Rebate
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0004| But Not
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0005| Over Over
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0006| $0 $8,000 75% of property tax liability
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0007| 8,000 10,000 70% of property tax liability
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0008| 10,000 12,000 65% of property tax liability
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0009| 12,000 14,000 60% of property tax liability
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0010| 14,000 16,000 [50%] 55% of property tax
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0011| liability
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0012| 16,000 18,000 50% of property tax liability
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0013| 18,000 20,000 45% of property tax liability
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0014| 20,000 22,000 40% of property tax liability
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0015| 22,000 24,000 35% of property tax liability.
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0016| E. If a taxpayer's modified gross income is zero, the
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0017| taxpayer may claim a tax rebate in the amount shown in the first row
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0018| of the table. The tax rebate provided for in this section shall not
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0019| exceed [two hundred fifty dollars ($250)] three hundred fifty
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0020| dollars ($350) per return and, if a return is filed separately that
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0021| could have been filed jointly, the tax rebate shall not exceed [one
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hundred twenty-five dollars ($125)] one hundred seventy-five
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0023| dollars ($175). No tax rebate shall be allowed any taxpayer whose
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0024| modified gross income exceeds [sixteen thousand dollars ($16,000)]
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0025| twenty-four thousand dollars ($24,000).
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0001| F. The tax rebate provided for in this section may be
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0002| deducted from the taxpayer's New Mexico income tax liability for the
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0003| taxable year. If the tax rebate exceeds the taxpayer's income tax
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0004| liability, the excess shall be refunded to the taxpayer.
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0005| G. In January of every odd-numbered year in which a
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0006| county does not have in effect an ordinance adopted pursuant to this
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0007| subsection, the board of county commissioners of the county shall
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0008| conduct a public hearing on the question of whether [or not] the
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0009| property tax rebate provided in this section benefiting low-income
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0010| property taxpayers in the county should be made available through
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0011| adoption of a county ordinance. Notice of the public hearing shall
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0012| be published once at least two weeks prior to the hearing date in at
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0013| least one newspaper of general circulation in the county and
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0014| broadcast at some time within the week before the hearing on at
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0015| least one radio station with substantial broadcasting coverage in
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0016| the county. At the public hearing, the board shall take action on
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0017| the question and if a majority of the members elected votes to adopt
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0018| an ordinance, it shall be adopted no later than thirty days after
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0019| the public hearing.
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0020| H. An ordinance adopted pursuant to Subsection G of this
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0021| section shall specify the first taxable year to which it is
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0022| applicable. The board of county commissioners adopting an ordinance
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0023| shall notify the department of the adoption of the ordinance and
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0024| furnish a copy of the ordinance to the department no later than
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0025| September 1 of the first taxable year to which the ordinance
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0001| applies.
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0002| I. No later than July 1 of the year immediately following
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0003| the first year in which the low-income taxpayer property tax rebate
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0004| provided in the Income Tax Act is in effect for a county, and no
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0005| later than July 1 of each year [therafter] thereafter in which
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0006| the tax rebate is in effect, the department shall certify to the
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0007| county the amount of the loss of income tax revenue to the state for
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0008| the previous taxable year attributable to the allowance of property
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0009| tax rebates to taxpayers of that county. The county shall promptly
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0010| pay the amount certified to the department. If a county fails to
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0011| pay the amount certified within thirty days of the date of
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0012| certification, the department may enforce collection of the amount
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0013| by action against the county and may withhold from any revenue
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0014| distribution to the county, not dedicated or pledged, amounts up to
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0015| the amount certified.
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0016| J. As used in this section, "principal place of
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0017| residence" means the dwelling owned and occupied by the taxpayer and
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0018| so much of the land surrounding it, not to exceed five acres, as is
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0019| reasonably necessary for use of the dwelling as a home and may
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0020| consist of a part of a multidwelling or a multipurpose building and
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0021| a part of the land upon which it is built."
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0022| Section 2. APPLICABILITY.--The provisions of this act apply to
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0023| taxable years beginning on or after January 1, 1998.
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0024| State of New Mexico
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0025| House of Representatives
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0001|
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0002| FORTY-THIRD LEGISLATURE
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0003| FIRST SESSION, 1997
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0004|
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0005|
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0006| February 19, 1997
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0007|
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0008|
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0009| Mr. Speaker:
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0010|
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0011| Your TAXATION AND REVENUE COMMITTEE, to whom has been
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0012| referred
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0013|
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0014| HOUSE BILL 589
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0015|
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0016| has had it under consideration and reports same with
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0017| recommendation that it DO PASS, and thence referred to the
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0018| APPROPRIATIONS AND FINANCE COMMITTEE.
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0019|
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0020| Respectfully submitted,
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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| Jerry W. Sandel, Chairman
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0001|
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0002|
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0003| Adopted Not Adopted
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0004| (Chief Clerk) (Chief Clerk)
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0005|
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0006| Date
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0007|
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0008| The roll call vote was 9 For 1 Against
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0009| Yes: 9
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0010| No: Russell
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0011| Excused: Gubbels, Ryan, Sandoval
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0012| Absent: None
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0013|
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0014|
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0015| G:\BILLTEXT\BILLW_97\H0589 State of New Mexico
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0016| House of Representatives
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0017|
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0018| FORTY-THIRD LEGISLATURE
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0019| FIRST SESSION, 1997
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0020|
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0021|
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0022| February 25, 1997
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0023|
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0024|
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0025| Mr. Speaker:
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0001|
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0002| Your APPROPRIATIONS AND FINANCE COMMITTEE, to whom
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0003| has been referred
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0004|
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0005| HOUSE BILL 589
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0006|
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0007| has had it under consideration and reports same with
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0008| recommendation that it DO PASS.
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0009|
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0010| Respectfully submitted,
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0011|
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0012|
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0013|
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0014|
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0015| Max Coll, Chairman
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0016|
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0017|
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0018| Adopted Not Adopted
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0019| (Chief Clerk) (Chief Clerk)
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0020|
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0021| Date
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0022|
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0023| The roll call vote was 12 For 1 Against
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0024| Yes: 12
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0025| No: Bird
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0001| Excused: Buffett, Heaton, Salazar, Varela
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0002| Absent: None
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0003|
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0004|
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0005| G:\BILLTEXT\BILLW_97\H0589
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0006|
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0007| FORTY-THIRD LEGISLATURE
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0008| FIRST SESSION, 1997
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0009|
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0010|
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0011| March 21, 1997
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0012|
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0013| Mr. President:
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0014|
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0015| Your FINANCE COMMITTEE, to whom has been referred
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0016|
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0017| HOUSE BILL 589
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0018|
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0019| has had it under consideration and reports same with recommendation
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0020| that it DO PASS.
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0021|
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0022| Respectfully submitted,
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0023|
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0024|
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0025|
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0001| __________________________________
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0002| Ben D. Altamirano, Chairman
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0003|
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0004|
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0005|
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0006| Adopted_______________________ Not Adopted_______________________
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0007| (Chief Clerk) (Chief Clerk)
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0008|
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0009|
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0010|
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0011| Date ________________________
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0012|
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0013|
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0014| The roll call vote was 6 For 0 Against
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0015| Yes: 6
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0016| No: None
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0017| Excused: Carraro, Eisenstadt, Ingle, Lyons, McKibben
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0018| Absent: None
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0019|
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0020|
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0021| H0589FC1
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