0001| HOUSE BILL 49
|
0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997
|
0003| INTRODUCED BY
|
0004| BEN LUJAN
|
0005|
|
0006|
|
0007|
|
0008| FOR THE REVENUE STABILIZATION AND TAX POLICY COMMITTEE
|
0009|
|
0010| AN ACT
|
0011| RELATING TO TAXATION; EXTENDING CERTAIN PROVISIONS OF THE
|
0012| INVESTMENT CREDIT ACT.
|
0013|
|
0014| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
|
0015| Section 1. Laws 1990, Chapter 3, Section 10, as amended
|
0016| by Laws 1992, Chapter 17, Section 1 and also by Laws 1992,
|
0017| Chapter 104, Section 1, is amended to read:
|
0018| "Section 10. EFFECTIVE DATE.--
|
0019| A. The effective date of the provisions of Sections
|
0020| 1, 2, 4, 5, 7 and 9 of this act is January 1, 1991.
|
0021| B. The effective date of the provisions of Sections
|
0022| 6 and 8 of this act is January 1, [1998] 2000."
|
0023| .113560.1 State of New Mexico
|
0024| House of Representatives
|
0025|
|
0001| FORTY-THIRD LEGISLATURE
|
0002| FIRST SESSION, 1997
|
0003|
|
0004|
|
0005| February 26, 1997
|
0006|
|
0007|
|
0008| Mr. Speaker:
|
0009|
|
0010| Your TAXATION AND REVENUE COMMITTEE, to whom has
|
0011| been referred
|
0012|
|
0013| HOUSE BILL 49
|
0014|
|
0015| has had it under consideration and reports same with
|
0016| recommendation that it DO PASS, amended as follows:
|
0017|
|
0018| 1. On page 1, line 11, after "EXTENDING" insert "AND
|
0019| CHANGING".
|
0020|
|
0021| 2. On page 1, between lines 14 and 15, insert the following
|
0022| sections:
|
0023|
|
0024| "Section 1. Section 7-9A-8 NMSA 1978 (being Laws 1979,
|
0025| Chapter 347, Section 8, as amended) is amended to read:
|
0001|
|
0002| "7-9A-8. CLAIMING THE CREDIT FOR CERTAIN TAXES.--
|
0003|
|
0004| A. A taxpayer shall apply for approval for a credit
|
0005| within one year following the end of the calendar year in which
|
0006| the qualified equipment for the manufacturing operation is
|
0007| purchased or introduced into New Mexico.
|
0008|
|
0009| B. A taxpayer having applied for and been granted
|
0010| approval for a credit by the department pursuant to the
|
0011| Investment Credit Act may claim an amount of available credit
|
0012| against the taxpayer's compensating tax, gross receipts tax or
|
0013| withholding tax due to the state of New Mexico, [B. A taxpayer
|
having applied for and been granted approval for an investment
|
credit pursuant to the Investment Credit Act may claim a refund
|
of an amount of available credit upon evidence satisfactory to
|
the secretary of taxation and revenue that an element of the
|
price denominated a gross receipts tax has been paid on the
|
purchase of tangible personal property for the manufacturing
|
operation or on the purchase of construction services used in
|
connection with qualified equipment or that compensating tax has
|
been paid and not refunded on the value of the qualified
|
equipment for which the credit was approved] provided that no
|
0024| taxpayer may claim an amount of available credit for any
|
0025| reporting period that exceeds eighty-five percent of the sum of
|
0001| the taxpayer's gross receipts tax, compensating tax and
|
0002| withholding tax due for that reporting period. Any amount of
|
0003| available credit not claimed against the taxpayer's gross
|
0004| receipts tax, compensating tax or withholding tax due for a
|
0005| reporting period may be claimed in subsequent reporting
|
0006| periods."
|
0007|
|
0008| Section 2. A new section of the Investment Credit Act is
|
0009| enacted to read:
|
0010|
|
0011| "[NEW MATERIAL] TRANSITION PROVISIONS.--
|
0012|
|
0013| A. The provisions of this section apply on the date
|
0014| that changes to the provisions in the Investment Credit Act
|
0015| become effective limiting the amount of qualified equipment that
|
0016| may be claimed and increasing the employment requirements with
|
0017| respect to qualified equipment.
|
0018|
|
0019| B. The amount of any available credit unclaimed on
|
0020| the effective date of the changes described in Subsection A of
|
0021| this section may be claimed, until exhausted, in accordance with
|
0022| the provisions of Section 7-9A-8 NMSA 1978 immediately prior to
|
0023| the effective date of the changes described in Subsection A of
|
0024| this section.
|
0025|
|
0001| C. After the effective date described in Subsection A
|
0002| of this section, the department shall approve claims submitted
|
0003| prior to that effective date but not approved by that effective
|
0004| date if the claim meets the requirements of the Investment Credit
|
0005| Act in effect immediately prior to that effective date. The
|
0006| claimant may claim the amount of any available credit so approved
|
0007| in accordance with the provisions of Section 7-9A-8 NMSA 1978
|
0008| immediately prior to the effective date of the event described in
|
0009| Subsection A of this section.
|
0010|
|
0011| D. After the effective date of the changes described
|
0012| in Subsection A of this section, a claimant may submit and the
|
0013| department shall approve claims submitted on or after that
|
0014| effective date if the claim is with respect to qualified
|
0015| equipment located in the state prior to that effective date that
|
0016| otherwise meets the requirements of the Investment Credit Act in
|
0017| effect immediately prior to that effective date. The claimant
|
0018| may claim the amount of any available credit so approved in
|
0019| accordance with the provisions of Section 7-9A-8 NMSA 1978
|
0020| immediately prior to the effective date of the changes described
|
0021| in Subsection A of this section.
|
0022|
|
0023| E. After the effective date of the changes described
|
0024| in Subsection A of this section, the department may approve
|
0025| claims submitted on or after that effective date with respect to
|
0001| equipment not located in the state until after that effective
|
0002| date only in accordance with the provisions of the Investment
|
0003| Credit Act in effect after that effective date."".
|
0004|
|
0005| 3. Renumber the succeeding section accordingly.,
|
0006|
|
0007| and thence referred to the APPROPRIATIONS AND FINANCE
|
0008| COMMITTEE.
|
0009|
|
0010| Respectfully submitted,
|
0011|
|
0012|
|
0013|
|
0014|
|
0015|
|
0016| Jerry W. Sandel, Chairman
|
0017|
|
0018|
|
0019| Adopted Not Adopted
|
0020|
|
0021| (Chief Clerk) (Chief Clerk)
|
0022|
|
0023| Date
|
0024|
|
0025| The roll call vote was 8 For 0 Against
|
0001| Yes: 8
|
0002| Excused: Gubbels, Lovejoy, Porter, Sandoval, Stell
|
0003| Absent: None
|
0004|
|
0005|
|
0006| .117720.1
|
0007| G:\BILLTEXT\BILLW_97\H0049 State of New Mexico
|
0008| House of Representatives
|
0009|
|
0010| FORTY-THIRD LEGISLATURE
|
0011| FIRST SESSION, 1997
|
0012|
|
0013|
|
0014| March 7, 1997
|
0015|
|
0016|
|
0017| Mr. Speaker:
|
0018|
|
0019| Your APPROPRIATIONS AND FINANCE COMMITTEE, to
|
0020| whom has been referred
|
0021|
|
0022| HOUSE BILL 49, as amended
|
0023|
|
0024| has had it under consideration and reports same with
|
0025| recommendation that it DO PASS.
|
0001|
|
0002| Respectfully submitted,
|
0003|
|
0004|
|
0005|
|
0006|
|
0007|
|
0008| Max Coll, Chairman
|
0009|
|
0010|
|
0011| Adopted Not Adopted
|
0012|
|
0013| (Chief Clerk) (Chief Clerk)
|
0014|
|
0015| Date
|
0016|
|
0017| The roll call vote was 13 For 0 Against
|
0018| Yes: 13
|
0019| Excused: Coll, Knowles, Marquardt, Picraux
|
0020| Absent: None
|
0021|
|
0022|
|
0023| G:\BILLTEXT\BILLW_97\H0049 State of New Mexico
|
0024| House of Representatives
|
0025|
|
0001| FORTY-THIRD LEGISLATURE
|
0002| FIRST SESSION, 1997
|
0003|
|
0004|
|
0005| March 7, 1997
|
0006|
|
0007|
|
0008| Mr. Speaker:
|
0009|
|
0010| Your APPROPRIATIONS AND FINANCE COMMITTEE, to
|
0011| whom has been referred
|
0012|
|
0013| HOUSE BILL 49, as amended
|
0014|
|
0015| has had it under consideration and reports same with
|
0016| recommendation that it DO PASS.
|
0017|
|
0018| Respectfully submitted,
|
0019|
|
0020|
|
0021|
|
0022|
|
0023|
|
0024| Max Coll, Chairman
|
0025|
|
0001|
|
0002| Adopted Not Adopted
|
0003|
|
0004| (Chief Clerk) (Chief Clerk)
|
0005|
|
0006| Date
|
0007|
|
0008| The roll call vote was 13 For 0 Against
|
0009| Yes: 13
|
0010| Excused: Coll, Knowles, Marquardt, Picraux
|
0011| Absent: None
|
0012|
|
0013|
|
0014| G:\BILLTEXT\BILLW_97\H0049
|
0015|
|
0016| FORTY-THIRD LEGISLATURE
|
0017| FIRST SESSION, 1997
|
0018|
|
0019|
|
0020| March 14, 1997
|
0021|
|
0022| Mr. President:
|
0023|
|
0024| Your WAYS AND MEANS COMMITTEE, to whom has been
|
0025| referred
|
0001|
|
0002| HOUSE BILL 49, as amended
|
0003|
|
0004| has had it under consideration and reports same with
|
0005| recommendation that it DO PASS, and thence referred to the
|
0006| FINANCE COMMITTEE.
|
0007|
|
0008| Respectfully submitted,
|
0009|
|
0010|
|
0011|
|
0012|
|
0013| __________________________________
|
0014| Carlos R. Cisneros, Chairman
|
0015|
|
0016|
|
0017|
|
0018| Adopted_______________________ Not
|
0019| Adopted_______________________
|
0020| (Chief Clerk) (Chief Clerk)
|
0021|
|
0022|
|
0023| Date ________________________
|
0024|
|
0025|
|
0001| The roll call vote was 5 For 0 Against
|
0002| Yes: 5
|
0003| No: 0
|
0004| Excused: Duran, Jennings, McSorley, Wilson
|
0005| Absent: None
|
0006|
|
0007|
|
0008| H0049WM1
|
0009|
|
0010|
|
0011|
|
0012| FORTY-THIRD LEGISLATURE
|
0013| FIRST SESSION, 1997
|
0014|
|
0015|
|
0016| March 17, 1997
|
0017|
|
0018| Mr. President:
|
0019|
|
0020| Your FINANCE COMMITTEE, to whom has been referred
|
0021|
|
0022| HOUSE BILL 49, as amended
|
0023|
|
0024| has had it under consideration and reports same with
|
0025| recommendation that it DO PASS.
|
0001|
|
0002| Respectfully submitted,
|
0003|
|
0004|
|
0005|
|
0006|
|
0007| __________________________________
|
0008| Ben D. Altamirano, Chairman
|
0009|
|
0010|
|
0011|
|
0012| Adopted_______________________ Not
|
0013| Adopted_______________________
|
0014| (Chief Clerk) (Chief Clerk)
|
0015|
|
0016|
|
0017|
|
0018| Date ________________________
|
0019|
|
0020|
|
0021| The roll call vote was 6 For 0 Against
|
0022| Yes: 6
|
0023| No: None
|
0024| Excused: Aragon, Carraro, Ingle, Lyons, McKibben
|
0025| Absent: None
|
0001|
|
0002|
|
0003| H0049FC1
|