BILL ANALYSIS AND FISCAL IMPACT REPORT	Page 1 of  1

DATE: March 8, 2001	Submitted by: TAXATION AND REVENUE DEPT.      
	T. GLENN ELLINGTON, SECRETARY 
BILL NUMBER: SJM-73

SPONSOR: Senator Wilson

BILL SHORT TITLE: Asking the Taxation and Revenue Department to distribute information pertaining to the federal earned income tax credit programs.

CONFLICTS, DUPLICATES, COMPANIONS:  

DESCRIPTION: This legislation asks the Taxation and Revenue Department to provide information to New Mexico taxpayers pertaining to the federal earned income tax credit program. The bill asks the TRD secretary to place "...clear, step-by-step information about applying for the federal earned income tax credit into mailings of state income tax returns or in materials provided to people requesting state low-income comprehensive tax rebate forms.." so families eligible for the state low-income comprehensive tax rebate and federal earned income tax credit will file for both programs, and families eligible for the federal credit but not the state rebate will be encouraged to apply for the federal earned income tax credit.

EFFECTIVE DATE:  July 1, 2001

FISCAL IMPACT: The proposed measure would impose no direct impacts on state or local revenue sources. 

TECHNICAL ISSUES: none

ADMINISTRATIVE IMPACT:  No administrative impacts on the Department would result from the proposed measure. If the Department honors the request, modest costs (probably less than $100,000) would result from printing information pertaining to the federal credits and including it with state tax forms. Since the forms and information are currently available from the federal government, they would not need to be developed or modified by the Department. 

OTHER IMPACTS AND ISSUES: none