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SPONSOR: | SWMC | DATE TYPED: | 02/15/00 | HB | |||
SHORT TITLE: | Public Peace, Health, Safety & Welfare | SB | CS 499/SWMC | ||||
ANALYST: | Eaton |
Subsequent
Years Impact |
Recurring
or Non-Rec |
Fund
Affected | ||
FY00 | FY01 | |||
$ (78.0) | Recurring | General Fund | ||
$ (49.0) | Recurring | Local/Municipal Governments |
(Parenthesis ( ) Indicate Revenue Decreases)
SOURCES OF INFORMATION
Regulation and Licensing Department/New Mexico Athletic Commission.
Taxation and Revenue Department (TRD)
SUMMARY
Synopsis of Bill
This bill would deduct from gross receipts the receipts from promoting professional athletic contests on which there is imposed a privilege tax pursuant to Section 60-2A-23.
The New Mexico Athletic Commission licenses all entities directly or indirectly involved in professional contests. The Commission collects the privilege tax which is four percent of gross receipts for live events, five percent for closed circuit & pay-per-view promotions.
FISCAL IMPLICATIONS
The estimated gross receipts for promoting professional athletic contests in FY01 is $2.3 million. The Taxation and Revenue Department (TRD) estimate theat the impact to the general fund will be $78.0 and the impact to the local and municipal government will be $49.0.
JE/njw