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| SPONSOR: | Lujan | DATE TYPED: | 03/08/99 | HB | 857/aHTRC/aHFL#1 | ||
| SHORT TITLE: | Motor Vehicle Tax for School Capital Outlay | SB | |||||
| ANALYST: | Taylor | ||||||
| Subsequent
Years Impact |
Recurring
or Non-Rec |
Fund
Affected | ||
| FY99 | FY2000 | |||
| n.a. | $ 0.0 | $ 32,600.0 | Recurring | Public School Capital Outlay |
| n.a. | $ 0.0 | $ (32,600.0) | Recurring | General Fund |
(Parenthesis ( ) Indicate Revenue Decreases)
Duplicates/Conflicts with/Companion to/Relates to HB307, HB374, SB260 and SB541
SOURCES OF INFORMATION
Taxation and Revenue Department (TRD)
Legislative Finance Committee Files
SUMMARY
Synopsis of House Floor Amendment
The House floor amendment to HB-487 adds provisions making the New Mexico Finance Authority responsible for the issuance of and sale of public school capital outlay bills. The amendment does not change the fiscal implications of the bill.
Synopsis of HTRC Amendment
The HTRC amendment changes the effective date of the bill from July 1, 1999 to July 1, 2000. This effectively delays the fiscal impact by one year. Thus, the fiscal impact in FY 2000 would be zero.
Synopsis of Bill
House Bill 587 proposes a change in the distribution of motor vehicle excise tax revenue. Currently all revenue accrues to the state's general fund. The bill would distribute one-third of the revenue to the public school capital outlay fund for public school construction projects beginning on July 1, 1999.
FISCAL IMPLICATIONS
The general fund revenue estimate from the motor vehicle excise tax is $92.7 million for FY 2000 and $97.8 million in FY 2001. Diverting one-third of the revenue from the general fund implies a gain of $30.9 million in FY 2000 and $32.6 in FY 2001 to the public school capital outlay fund, and a commensurate loss to the general fund.
ADMINISTRATIVE IMPLICATIONS
TRD reports that the bill carries no significant administrative impacts.
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