March 20, 2003

Madam President:

Your FINANCE COMMITTEE, to whom has been referred

has had it under consideration and reports same with recommendation that it DO PASS, amended as follows:

1. Strike House Taxation and Revenue Committee Amendments 1, 3 and 4.

2. On page 1, strike line 13 in its entirety and insert in lieu thereof "FIFTY-FIVE PERCENT FOR A PERIOD OF FOUR YEARS.".

3. On page 1, line 25, strike "A." and insert in lieu thereof "B.".

4. On page 2, line 5, strike "B." and insert in lieu thereof "C.".

5. On page 2, line 13, strike "Receipts" and insert in lieu thereof:

"A. From July 1, 2003 through June 30, 2007, fifty-five percent of the receipts from the sale of fuel specially prepared and sold for use in turboprop or jet-type engines as determined by the department may be deducted from gross receipts.

B. After June 30, 2007, forty percent of the receipts".

6. On page 2, line 20, strike "The" and insert in lieu thereof:

"A. From July 1, 2003 through June 30, 2007, fifty-five percent of the value of the fuel specially prepared and sold for use in turboprop or jet-type engines as determined by the department may be deducted in computing the compensating tax due.

B. After June 30, 2007, forty percent of the".

Respectfully submitted,

__________________________________

Ben D. Altamirano, Chairman

Adopted_______________________ Not Adopted_______________________

(Chief Clerk) (Chief Clerk)

Date ________________________

The roll call vote was 6 For 0 Against

Yes: 6

No: 0

Excused: Campos, Carraro, Leavell, Tsosie

Absent: None

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