FORTY-SECOND LEGISLATURE             SB 170/a
                       SECOND SESSION, 1996
  
                                                  February 7, 1996
  Mr. President:
  
    Your WAYS AND MEANS COMMITTEE, to whom has been referred
  
                          SENATE BILL 170
  
  has had it under consideration and reports same with recommendation
  that it DO PASS, amended as follows:
  
    1.  On page 1, line 13, before the period insert "; ENACTING A
  NEW SECTION OF THE PROPERTY TAX CODE TO PROVIDE FOR IMPOSITION OF A
  CHARGE TO OFFSET THE COST OF EXPANDING AND INCREASING THAT TAX
  REBATE".
  
    2.  On page 5, strike lines 5 and 6, and insert in lieu thereof
  the following sections:
  
    "Section 2.  A new section of the Property Tax Code is enacted
  to read:
  
    "[NEW MATERIAL]  RECIPIENTS OF REVENUE PRODUCED THROUGH AD
  VALOREM LEVIES REQUIRED TO PAY ADDITIONAL CHARGE TO OFFSET COST OF
  EXPANDING STATE PROPERTY TAX REBATE FOR THE ELDERLY.--
  
     A.  Prior to the distribution to a revenue recipient of
  revenue received by a county treasurer and in addition to any other
  administrative charge, the treasurer shall bill the revenue recipient
  as a charge to offset the cost of expanding the state property tax
  rebate for the elderly an amount equal to one percent of the revenue
  received.
  
     B.  All charges collected by the county treasurer pursuant
  to this section shall be transferred to the state treasurer for
  deposit in the state general fund no later than June 30 of the year
  following the property tax year for which the revenues were
  collected.
  
       C.  As used in this section:
  
        (1)  "revenue" means money for which a county treasurer
  has the legal responsibility for collection and that is owed to a
  revenue recipient as a result of an imposition authorized by law of a
  rate expressed in mills per dollar or dollars per thousand dollars of
  net taxable value of property, assessed value of property or a
  similar term, including but not limited to money resulting from the
  authorization of rates and impositions under special levies for
  special purposes and benefit assessments, but does not include money
  resulting from impositions under Paragraph (3) of Subsection C of
  Section 7-37-7 NMSA 1978; and
  
        (2)  "revenue recipient" means the state and any of its
  political subdivisions that are authorized by law to receive
  revenue."
  
    Section 3.  APPLICABILITY.--
  
     A.  The provisions of Section 1 of this act apply to taxable
  years beginning on or after January 1, 1996.
  
     B.  The provisions of Section 2 of this act apply to 1996
  and subsequent property tax years.".,
  
  and thence referred to the FINANCE COMMITTEE. 
        
                 Respectfully submitted,
  
  
  
                 __________________________________
                 TITO D. CHAVEZ, Chairman 
  
  
  Adopted_______________________ Not Adopted_______________________
            (Chief Clerk)                          (Chief Clerk)
  
  
                    Date ________________________
    
  
  The roll call vote was  3  For  2  Against
  Yes:  3
  No:     Rawson, Wiener
  Excused:   Campos, Jennings, Riley
  Absent: None
  
  S0170WM1                                               .111754.1