State of New Mexico
                      House of Representatives
  
                      FORTY-THIRD LEGISLATURE
                        FIRST SESSION, 1997
  
  
                                                   March 12, 1997
  
  
  Mr. Speaker:
  
       Your TAXATION AND REVENUE COMMITTEE, to whom has
  been referred
  
                  HOUSE BILL 264, as amended
  
  has had it under consideration and reports same with
  recommendation that it DO PASS, amended as follows:
  
       1.  Strike House Education Committee Amendment 13.
  
       2.  On page 2, line 12, after the period insert "In no event
  shall a taxpayer claim a credit in excess of twelve thousand dollars
  ($12,000) in any taxable year.  The employer shall certify that
  hiring the qualified student does not displace or replace a current
  employee.".
  
       3.  On page 2, line 15, after the period insert "The
  department shall allocate annually to the superintendent of public
  instruction one thousand certificates, which shall be distributed by
  the superintendent to administrators of qualifying school-to-work
  programs.  The certificates when properly executed shall serve as
  evidence of the taxpayer's eligibility for the job mentorship tax
  credit.  The maximum number of certificates that may be issued to a
  single school-to-work program administrator is equal to the number
  of qualified school-to-work participants in that program on May 1 of
  the current calendar year.  The certificates shall be issued in the
  order in which they are requested.".
  
       4.  On page 5, line 5, after the period insert "In no event
  shall a taxpayer claim a credit in excess of twelve thousand dollars
  ($12,000) in any taxable year.  The employer shall certify that 
  hiring the qualified student does not displace or replace a current
  employee.".
  
       5.  On page 5, line 8, after the period insert "The department
  shall allocate annually to the superintendent of public instruction
  one thousand certificates, which shall be distributed by the
  superintendent to administrators of qualifying school-to-work
  programs.  The certificates when properly executed shall serve as
  evidence of the taxpayer's eligibility for the job mentorship tax
  credit.  The maximum number of certificates that may be issued to a
  single school-to-work program administrator is equal to the number
  of qualified school-to-work participants in that program on May 1 of
  the current calendar year.  The certificates shall be issued in the
  order in which they are requested.".
  
       6.  On page 6, between lines 15 and 16, insert the following
  sections:
  
       "Section 3.  TEMPORARY PROVISION--EXHAUSTION OF CREDIT.--If an
  income tax or corporate income tax taxpayer has been allowed a
  credit pursuant to Section 1 or 2 of this act and any portion of the
  credit allowed is unused on the date the sections are repealed, the
  unused amount may be carried forward regardless of the repeal to any
  taxable year within the three consecutive taxable years following
  the first taxable year for which the claim was allowed.
  
       Section 4.  DELAYED REPEAL.--Sections 1 and 2 of this act are
  repealed effective January 1, 1999.".
  
       7.  Renumber the succeeding section accordingly.,
  
  and thence referred to the APPROPRIATIONS AND FINANCE 
  COMMITTEE.
  
                                Respectfully submitted,
  
  
  
                                                                 
                                                              Jerry W. Sandel, Chairman
  
  
  Adopted                       Not Adopted                       
            (Chief Clerk)                       (Chief Clerk)
  
                         Date             
  
  The roll call vote was 10  For 0  Against
  Yes:      10
            Excused:  Gubbels, Lovejoy, Parsons
            Absent:   None
  
  
  .118730.1
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