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





SPONSOR: Wilson DATE TYPED: 02/11/00 HB
SHORT TITLE: Comprehensive Review State Tax Policy; Pro Business Tax Climate SB SJM 59
ANALYST: Williams


APPROPRIATION



Appropriation Contained
Estimated Additional Impact
Recurring

or Non-Rec

Fund

Affected

FY00 FY01 FY00 FY01
None



(Parenthesis ( ) Indicate Expenditure Decreases)



REVENUE



Estimated Revenue
Subsequent

Years Impact

Recurring

or Non-Rec

Fund

Affected

FY00 FY01
None



(Parenthesis ( ) Indicate Revenue Decreases)



Duplicates/Conflicts with/Companion to/Relates to SJM 35, HJM 30, HJM 16, SJM 25, SJM 15



SOURCES OF INFORMATION



Taxation and Revenue Department (TRD)

Economic Development Department



SUMMARY



Synopsis of Bill



The bill discusses changing commerce, the Internet and concerns about the gross receipts tax. The bill points out that all state and local tax systems are undergoing stress as business patters and practices outrun the scope of current taxation instruments. The bill directs the Revenue Stabilization and Tax Policy Committee to develop a state tax policy supporting and promoting economic development and to propose changes to stimulate the economy, encourage businesses to expand and relocate in New Mexico. The report and recommendations to the legislature are due by December 15, 2000.



FISCAL IMPLICATIONS



None



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