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F I S C A L I M P A C T R E P O R T





SPONSOR: SWMC DATE TYPED: 02/15/00 HB
SHORT TITLE: Public Peace, Health, Safety & Welfare SB CS 499/SWMC
ANALYST: Eaton


REVENUE



Estimated Revenue
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