0001|                         SENATE BILL 28
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0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003|     1996
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0004|                         INTRODUCED BY
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0005|                        MANNY M. ARAGON
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0006|     
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0007|                                
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0008|     FOR THE LEGISLATIVE FINANCE COMMITTEE AND THE REVENUE 
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0009|             STABILIZATION AND TAX POLICY COMMITTEE
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0010|     
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0011|                             AN ACT
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0012|     RELATING TO TAXATION; ABOLISHING THE SEVERANCE TAX INCOME FUND
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0013|     AND TRANSFERRING ALL MONEY IN THAT FUND TO THE SEVERANCE TAX
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0014|     PERMANENT FUND.
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0015|     
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0016|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017|       Section 1.  Section 7-27-3 NMSA 1978 (being Laws 1973,
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0018|     Chapter 294, Section 2) is amended to read:
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0019|       "7-27-3.  SEVERANCE TAX PERMANENT <s>[AND INCOME FUNDS]</s>
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0020|     <u>FUND</u> CREATED.-- There <s>[are]</s> <u>is</u> created in the state
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0021|     treasury the "severance tax permanent fund" <s>[and the "severance
</s>    |
<s></s>0022| <s>    tax income fund"]</s>."
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0023|       Section 2.  TEMPORARY PROVISION.--On the effective date of
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0024|     this act, the severance tax income fund is abolished and all
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0025|     money in that fund is transferred to the severance tax permanent
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0001|     fund.
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0002|       Section 3.  REPEAL.--Section 7-27-4 NMSA 1978 (being Laws
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0003|     1973, Chapter 294, Section 4, as amended) is repealed.
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0004|       Section 4.  EFFECTIVE DATE.--The provisions of this act
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0005|     shall become effective upon certification by the secretary of
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0006|     state that the constitution of New Mexico has been amended as
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0007|     proposed by a joint resolution of the forty-second legislature,
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0008|     second session, entitled "A JOINT RESOLUTION PROPOSING
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0009|     AMENDMENTS TO ARTICLE 8, SECTION 10 AND ARTICLE 12, SECTIONS 2,
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0010|     4 AND 7 OF THE CONSTITUTION OF NEW MEXICO TO PROTECT THE STATE'S
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0011|     PERMANENT FUNDS AGAINST INFLATION BY LIMITING DISTRIBUTIONS TO A
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0012|     PERCENTAGE OF EACH FUND'S MARKET VALUE AND BY MODIFYING CERTAIN
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0013|     INVESTMENT RESTRICTIONS TO ALLOW OPTIMAL DIVERSIFICATION OF
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0014|     INVESTMENTS.".
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0015|                                    
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0016|   
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0017|                    FORTY-SECOND LEGISLATURE
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0018|                      SECOND SESSION, 1996
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0019|   
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0020|   
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0021|                                                      JANUARY 22, 1996
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0022|   
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0023|   Mr. President:
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0024|   
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0025|     Your COMMITTEES' COMMITTEE, to whom has been referred
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0001|   
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0002|                           SENATE BILL 28
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0003|   
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0004|   has had it under consideration and finds same to be GERMANE, PURSUANT
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0005|   TO CONSTITUTIONAL PROVISIONS, and thence referred to the WAYS AND
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0006|   MEANS COMMITTEE.
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0007|   
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0008|                              Respectfully submitted,
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0009|   
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0010|   
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0011|   
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0012|   
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0013|                              __________________________________
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0014|                              SENATOR MANNY M. ARAGON, Chairman 
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0015|   
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0016|   
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0017|   
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0018|   Adopted_______________________ Not Adopted_______________________
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0019|             (Chief Clerk)                        (Chief Clerk)
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0020|   
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0021|   
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0022|                     Date ________________________
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0023|   
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0024|   
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0025|   
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0001|     S0028CC1
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0002|   
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0003|                      FORTY-SECOND LEGISLATURE
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0004|                        SECOND SESSION, 1996
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0005|   
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0006|   
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0007|                                                   January 26, 1996
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0008|   
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0009|   Mr. President:
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0010|   
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0011|     Your WAYS AND MEANS COMMITTEE, to whom has been referred
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0012|   
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0013|                           SENATE BILL 28
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0014|   
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0015|   has had it under consideration and reports same with recommendation that
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0016|   it DO PASS, and thence referred to the FINANCE COMMITTEE.
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0017|   
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0018|                              Respectfully submitted,
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0019|   
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0020|   
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0021|   
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0022|                              __________________________________
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0023|                              TITO D. CHAVEZ, Chairman 
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0024|   
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0025|   
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0001|   
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0002|   Adopted_______________________ Not Adopted_______________________
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0003|             (Chief Clerk)                          (Chief Clerk)
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0004|   
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0005|   
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0006|                     Date ________________________
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0007|   
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0008|   
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0009|   The roll call vote was <u> 7 </u> For <u> 0 </u> Against
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0010|   Yes:  7    
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0011|   No:        0
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0012|   Excused:   Riley
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0013|   Absent:    
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0014|   
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0015|   
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0016|   S0028WM1
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0017|   
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0018|     
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0019|   
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0020|                      FORTY-SECOND LEGISLATURE
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0021|                        SECOND SESSION, 1996
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0022|   
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0023|   
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0024|                                                     February, 1996
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0025|   
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0001|   Mr. President:
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0002|   
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0003|     Your FINANCE COMMITTEE, to whom has been referred
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0004|   
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0005|                           SENATE BILL 28
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0006|   
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0007|   has had it under consideration and reports same with recommendation that
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0008|   it DO PASS.
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0009|   
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0010|                              Respectfully submitted,
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0011|   
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0012|   
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0013|   
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0014|                              __________________________________
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0015|                              Ben D. Altamirano, Chairman 
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0016|   
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0017|   
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0018|   
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0019|   Adopted_______________________ Not Adopted_______________________
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0020|             (Chief Clerk)                          (Chief Clerk)
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0021|   
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0022|   
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0023|   
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0024|                     Date ________________________
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0025|   
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0001|   
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0002|   The roll call vote was <u> 8 </u> For <u> 0 </u> Against
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0003|   Yes:  8
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0004|   No:        0
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0005|   Excused:   Donisthorpe, Duran, Ingle, Kidd, Kysar
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0006|   Absent:    None
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0007|   
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0008|   
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0009|   S0028fc1
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0010|   
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