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| SPONSOR: | Russell | DATE TYPED: | 01/31/00 | HB | 278 | ||
| SHORT TITLE: | Property Tax Rebate for Disabled Veterans | SB | |||||
| ANALYST: | Williams | ||||||
| Subsequent
Years Impact |
Recurring
or Non-Rec |
Fund
Affected | ||
| FY00 | FY01 | |||
| $ (100.0) | Non-Recurring | General Fund | ||
(Parenthesis ( ) Indicate Revenue Decreases)
Relates to HB90, HJR3, SJR2
SOURCES OF INFORMATION
Taxation and Revenue Department (TRD)
SUMMARY
Synopsis of Bill
Authorizes a one-time personal income state rebate for veterans eligible for the property tax exemption for disabled veterans. The exemption was approved by the voters in the 1998 general election as an amendment to Article 8, Section 5 of the NM Constitution. Married filing separate taxpayers must split the amount of the rebate. Applies to tax year 2000.
FISCAL IMPLICATIONS
TRD estimates approximately 100.0 veterans would qualify for the exemption and if their tax liability averaged $1,000, the total general fund non-recurring revenue loss is estimated to be $100.0.
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