0001| SENATE BILL 170
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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| RICHARD M. ROMERO
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0006|
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0007|
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0008|
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0009|
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0010|
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0011| AN ACT
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0012| RELATING TO TAXATION; AMENDING THE INCOME TAX ACT TO EXPAND AND
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0013| INCREASE THE TAX REBATE FOR PROPERTY TAX DUE FOR CERTAIN
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0014| TAXPAYERS SIXTY-FIVE YEARS OF AGE AND OLDER.
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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 7-2-18 NMSA 1978 (being Laws 1977,
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0018| Chapter 196, Section 1, as amended) is amended to read:
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0019| "7-2-18. TAX REBATE OF PROPERTY TAX DUE [WHICH] THAT
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0020| EXCEEDS THE ELDERLY TAXPAYER'S MAXIMUM PROPERTY TAX LIABILITY--REFUND.--
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0021| A. Any resident who has attained the age of sixty-five and files an individual New Mexico income tax return and is
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0022| not a dependent of another individual may claim a tax rebate for
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0023| the taxable year for which the return is filed. The tax rebate
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0024| shall be the amount of property tax due on the resident's
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0025| principal place of residence for the taxable year [which]
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0001| that exceeds the property tax liability indicated by the table
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0002| in Subsection F of this section, based upon the taxpayer's modi-
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0003| fied gross income.
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0004| B. Any resident otherwise qualified under this
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0005| section who rents a principal place of residence from another
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0006| person may calculate the amount of property tax due by
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0007| multiplying the gross rent for the taxable year by six percent.
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0008| The tax rebate shall be the amount of property tax due on the
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0009| taxpayer's principal place of residence for the taxable year
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0010| [which] that exceeds the property tax liability indicated by
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0011| the table in Subsection F of this section, based upon the tax-
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0012| payer's modified gross income.
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0013| C. "Principal place of residence" for purposes of
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0014| this section means the dwelling, whether owned or rented, and so
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0015| much of the land surrounding it, not to exceed five acres, as is
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0016| reasonably necessary for use of the dwelling as a home and may
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0017| consist of a part of a multidwelling or a multipurpose building
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0018| and a part of the land upon which it is built.
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0019| D. No claim for the tax rebate provided in this
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0020| section shall be allowed a resident who was an inmate of a
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0021| public institution for more than six months during the taxable
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0022| year or who was not physically present in New Mexico for at
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0023| least six months during the taxable year for which the tax
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0024| rebate could be claimed.
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0025| E. A husband and wife who file separate returns for
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0001| a taxable year in which they could have filed a joint return may
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0002| each claim only one-half of the tax rebate that would have been
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0003| allowed on a joint return.
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0004| F. The tax rebate provided for in this section may
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0005| be claimed in the amount of the property tax due each taxable
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0006| year [which] that exceeds the amount shown as property tax
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0007| liability in the following table:
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0008| ELDERLY HOMEOWNERS' MAXIMUM PROPERTY TAX LIABILITY TABLE
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0009| Property Tax
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0010| Taxpayer's Modified Gross Income Liability
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0011| But Not
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0012| Over Over
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0013| $ 0 $1,000 $20
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0014| 1,000 2,000 25
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0015| 2,000 3,000 30
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0016| 3,000 4,000 35
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0017| 4,000 5,000 40
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0018| 5,000 6,000 45
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0019| 6,000 7,000 50
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0020| 7,000 8,000 55
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0021| 8,000 9,000 60
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0022| 9,000 10,000 75
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0023| 10,000 11,000 90
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0024| 11,000 12,000 105
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0025| 12,000 13,000 120
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0001| 13,000 14,000 135
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0002| 14,000 15,000 150
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0003| 15,000 16,000 [180]
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0004| 165
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0005| 16,000 17,000 180
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0006| 17,000 18,000 195
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0007| 18,000 19,000 210
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0008| 19,000 20,000 225
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0009| 20,000 21,000 240
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0010| 21,000 22,000 255
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0011| 22,000 23,000 270
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0012| 23,000 24,000 285
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0013| 24,000 25,000 300 .
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0014| G. If a taxpayer's modified gross income is zero,
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0015| the taxpayer may claim a tax rebate based upon the amount shown
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0016| in the first row of the table. The tax rebate provided for in
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0017| this section shall not exceed [two hundred fifty dollars
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($250)] six hundred fifty dollars ($650) per return, and, if
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0019| a return is filed separately [which] that could have been
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0020| filed jointly, the tax rebate shall not exceed [one hundred
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twenty-five dollars ($125)] three hundred twenty-five dollars
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0022| ($325). No tax rebate shall be allowed any taxpayer whose
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0023| modified gross income exceeds [sixteen thousand dollars
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($16,000)] twenty-five thousand dollars ($25,000).
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0025| H. The tax rebate provided for in this section may
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0001| be deducted from the taxpayer's New Mexico income tax liability
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0002| for the taxable year. If the tax rebate exceeds the taxpayer's
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0003| income tax liability, the excess shall be refunded to the
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0004| taxpayer."
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0005| Section 2. APPLICABILITY.--The provisions of this act
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0006| apply to taxable years beginning on or after January 1, 1996.
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0007|
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0008|
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0009| FORTY-SECOND LEGISLATURE
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0010| SECOND SESSION, 1996
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0011|
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0012|
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0013| JANUARY 24, 1996
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0014|
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0015| Mr. President:
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0016|
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0017| Your COMMITTEES' COMMITTEE, to whom has been referred
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0018|
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0019| SENATE BILL 170
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0020|
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0021| has had it under consideration and finds same to be GERMANE, PURSUANT
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0022| TO CONSTITUTIONAL PROVISIONS, and thence referred to the WAYS AND
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0023| MEANS COMMITTEE.
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0024|
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0025| Respectfully submitted,
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0001|
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0002|
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0003|
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0004|
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0005| __________________________________
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0006| SENATOR MANNY M. ARAGON, Chairman
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0007|
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0008|
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0009|
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0010| Adopted_______________________ Not Adopted_______________________
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0011| (Chief Clerk) (Chief Clerk)
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0012|
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0013|
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0014| Date ________________________
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0015|
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0016|
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0017|
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0018| S0170CC1
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0019|
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0020| FORTY-SECOND LEGISLATURE SB 170/a
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0021| SECOND SESSION, 1996
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0022|
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0023| February 7, 1996
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0024| Mr. President:
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0025|
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0001| Your WAYS AND MEANS COMMITTEE, to whom has been referred
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0002|
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0003| SENATE BILL 170
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0004|
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0005| has had it under consideration and reports same with recommendation that
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0006| it DO PASS, amended as follows:
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0007|
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0008| 1. On page 1, line 13, before the period insert "; ENACTING A NEW
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0009| SECTION OF THE PROPERTY TAX CODE TO PROVIDE FOR IMPOSITION OF A CHARGE
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0010| TO OFFSET THE COST OF EXPANDING AND INCREASING THAT TAX REBATE".
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0011|
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0012| 2. On page 5, strike lines 5 and 6, and insert in lieu thereof the
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0013| following sections:
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0014|
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0015| "Section 2. A new section of the Property Tax Code is enacted to
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0016| read:
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0017|
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0018| "[NEW MATERIAL] RECIPIENTS OF REVENUE PRODUCED THROUGH AD
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0019| VALOREM LEVIES REQUIRED TO PAY ADDITIONAL CHARGE TO OFFSET COST OF
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0020| EXPANDING STATE PROPERTY TAX REBATE FOR THE ELDERLY.--
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0021|
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0022| A. Prior to the distribution to a revenue recipient of
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0023| revenue received by a county treasurer and in addition to any other
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0024| administrative charge, the treasurer shall bill the revenue recipient as
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0025| a charge to offset the cost of expanding the state property tax rebate
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0001| for the elderly an amount equal to one percent of the revenue received.
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0002|
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0003| B. All charges collected by the county treasurer pursuant to
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0004| this section shall be transferred to the state treasurer for deposit in
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0005| the state general fund no later than June 30 of the year following the
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0006| property tax year for which the revenues were collected.
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0007|
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0008| C. As used in this section:
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0009|
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0010| (1) "revenue" means money for which a county treasurer
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0011| has the legal responsibility for collection and that is owed to a
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0012| revenue recipient as a result of an imposition authorized by law of a
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0013| rate expressed in mills per dollar or dollars per thousand dollars of
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0014| net taxable value of property, assessed value of property or a similar
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0015| term, including but not limited to money resulting from the
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0016| authorization of rates and impositions under special levies for special
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0017| purposes and benefit assessments, but does not include money resulting
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0018| from impositions under Paragraph (3) of Subsection C of Section 7-37-7
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0019| NMSA 1978; and
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0020|
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0021| (2) "revenue recipient" means the state and any of its
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0022| political subdivisions that are authorized by law to receive revenue."
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0023|
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0024| Section 3. APPLICABILITY.--
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0025|
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0001| A. The provisions of Section 1 of this act apply to taxable
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0002| years beginning on or after January 1, 1996.
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0003|
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0004| B. The provisions of Section 2 of this act apply to 1996 and
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0005| subsequent property tax years.".,
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0006|
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0007| and thence referred to the FINANCE COMMITTEE.
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0008|
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0009| Respectfully submitted,
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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| TITO D. CHAVEZ, Chairman
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0015|
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0016|
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0017| Adopted_______________________ Not Adopted_______________________
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0018| (Chief Clerk) (Chief Clerk)
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0019|
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0020|
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0021| Date ________________________
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0022|
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0023|
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0024| The roll call vote was 3 For 2 Against
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0025| Yes: 3
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0001| No: Rawson, Wiener
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0002| Excused: Campos, Jennings, Riley
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0003| Absent: None
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0004|
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0005| S0170WM1 .111754.1
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