State of New Mexico House of Representatives FORTY-THIRD LEGISLATURE FIRST SESSION, 1997 March 1, 1997 Mr. Speaker: Your APPROPRIATIONS AND FINANCE COMMITTEE, to whom has been referred HOUSE BILL 563, as amended has had it under consideration and reports same with recommendation that it DO PASS, amended as follows: 1. On page 1, lines 12 and 13, strike "; MAKING APPROPRIATIONS". 2. On page 3, between lines 24 and 25, insert the following new subsection: "D. In no event shall any liability of, or contractual obligation incurred by, the program established pursuant to the provisions of the Education Trust Act obligate or encumber any of the state's land grant permanent funds, the severance tax permanent fund or any money that is a part of a state-funded financial aid program.". 3. On page 5, line 11, strike "eighteen" and insert in lieu thereof "nineteen". 4. On page 5, line 14, strike "eighteen" and insert in lieu thereof "nineteen". 5. On page 10, strike lines 10 through 15. 6. On page 11, line 20, after the period insert "If payments made by the taxpayer to the education trust fund are not expended for the purposes authorized by the Education Trust Act, the payments shall be taxable in the year the withdrawal is made.". 7. On page 12, line 10, after the period insert "All earnings of an investor, purchaser or beneficiary from investment of money paid by the investor or purchaser or on behalf of the beneficiary into the education trust fund shall be taxable in the year they are withdrawn if the earnings are not expended for the purposes authorized by the Education Trust Act.". 8. On page 12, lines 11 through 18, strike Section 10 in its entirety. Respectfully submitted, Max Coll, Chairman Adopted Not Adopted (Chief Clerk) (Chief Clerk) Date The roll call vote was 12 For 0 Against Yes: 12 Excused: Abeyta, Knowles, Marquardt, Pearce, Taylor, JP Absent: None .117809.1 G:\BILLTEXT\AMEND_97\H0563AF1