Master FIR (1988)

NOTE: As provided in LFC policy, this report is intended for use by the standing finance committees of the legislature. The Legislative Finance Committee does not assume responsibility for the accuracy of the information in this report when used in any other situation.

Only the most recent FIR version, excluding attachments, is available on the Intranet. Previously issued FIRs and attachments may be obtained from the LFC office in Suite 101 of the State Capitol Building North.

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	Subsequent Years Impact	Recurring or Non-Rec	Fund Affected
	$ (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