0001| SENATE JOINT MEMORIAL 4 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| MICHAEL S. SANCHEZ | 0005| | 0006| | 0007| | 0008| FOR THE INTEGRATED WATER AND RESOURCE PLANNING COMMITTEE | 0009| | 0010| A JOINT MEMORIAL | 0011| REQUESTING A STUDY TO EVALUATE AND REPORT ON THE IMPACTS ON TAX | 0012| REVENUES RESULTANT FROM A RESTRUCTURE OF THE ELECTRIC UTILITY | 0013| INDUSTRY TO PERMIT RETAIL COMPETITION AND ALTERNATIVE SOLUTIONS | 0014| TO PRESERVE TAX REVENUES. | 0015| | 0016| WHEREAS, state and local taxes on electric utilities and | 0017| the sale of electricity include gross receipts, property and | 0018| income taxes; and | 0019| WHEREAS, any restructure of the electric industry to | 0020| permit retail competition or other substantial alternation of | 0021| regulation may impact the tax revenues derived from electric | 0022| utilities and the sale of electricity within the state due to | 0023| lowering electricity prices, shifting the market share from | 0024| more to less heavily taxed electric providers and declining | 0025| values of property owned by utilities; and | 0001| WHEREAS, the restructure of the electric industry to | 0002| permit retail competition may result in the various electric | 0003| service providers in the state being subject to different taxes | 0004| resulting in different economic status among providers in the | 0005| competitive environment, with taxes being increasingly borne by | 0006| electric service providers attempting to compete with each | 0007| other but with differing tax responsibilities; and | 0008| WHEREAS, tax assessment and imposition on aspects of a | 0009| competitive electricity market must adhere to constitutional | 0010| considerations in the regulation and impacting of interstate | 0011| commerce; and | 0012| WHEREAS, the financial interests of the state, its | 0013| political subdivisions and its residents require full and | 0014| comprehensive attention to the potential impacts on tax | 0015| revenues resultant from any restructure of the electric utility | 0016| industry and the sale of electricity within the state to ensure | 0017| that preservation of necessary tax revenues occurs; | 0018| NOW, THEREFORE, BE IT RESOLVED BY THE LEGISLATURE OF THE | 0019| STATE OF NEW MEXICO that the local government division of the | 0020| department of finance and administration, the state department | 0021| of public education, the taxation and revenue department and | 0022| the New Mexico public utility commission study and evaluate the | 0023| reasonably projected impacts on tax revenues of any restructure | 0024| of the electric utility industry to permit retail competition | 0025| in the sale of electricity in the state and alternative tax | 0001| structures and schemes to ensure the preservation of necessary | 0002| tax revenues to the state and its political subdivisions for | 0003| its residents and report their findings and recommendations to | 0004| the second session of the forty-third legislature; and | 0005| BE IT FURTHER RESOLVED that copies of this memorial be | 0006| sent to the secretaries of finance and administration and | 0007| taxation and revenue, the superintendent of public instruction | 0008| and the chairman of the New Mexico public utility commission. | 0009|  | 0010| | 0011| | 0012| | 0013| | 0014| | 0015| | 0016| | 0017| | 0018| | 0019| | 0020| | 0021| | 0022| | 0023| | 0024| | 0025| | 0001| FORTY-THIRD LEGISLATURE | 0002| FIRST SESSION, 1997 | 0003| | 0004| | 0005| March 4, 1997 | 0006| | 0007| Mr. President: | 0008| | 0009| Your RULES COMMITTEE, to whom has been referred | 0010| | 0011| SENATE JOINT MEMORIAL 4 | 0012| | 0013| has had it under consideration and reports same with | 0014| recommendation that it DO PASS, and thence referred to the | 0015| WAYS AND MEANS COMMITTEE. | 0016| | 0017| Respectfully submitted, | 0018| | 0019| | 0020| | 0021| | 0022| __________________________________ | 0023| Gloria Howes, Chairman | 0024| | 0025| | 0001| | 0002| Adopted_______________________ Not | 0003| Adopted_______________________ | 0004| (Chief Clerk) (Chief Clerk) | 0005| | 0006| | 0007| Date ________________________ | 0008| | 0009| | 0010| The roll call vote was 6 For 0 Against | 0011| Yes: 6 | 0012| No: 0 | 0013| Excused: Aragon, Gorham | 0014| Absent: None | 0015| | 0016| | 0017| SJ004RU1 | 0018| | 0019| | 0020| | 0021| FORTY-THIRD LEGISLATURE | 0022| FIRST SESSION, 1997 | 0023| | 0024| | 0025| March 17, 1997 | 0001| | 0002| Mr. President: | 0003| | 0004| Your WAYS AND MEANS COMMITTEE, to whom has been | 0005| referred | 0006| | 0007| SENATE JOINT MEMORIAL 4 | 0008| | 0009| has had it under consideration and reports same with | 0010| recommendation that it DO PASS. | 0011| | 0012| Respectfully submitted, | 0013| | 0014| | 0015| | 0016| | 0017| __________________________________ | 0018| Carlos R. Cisneros, Chairman | 0019| | 0020| | 0021| | 0022| Adopted_______________________ Not | 0023| Adopted_______________________ | 0024| (Chief Clerk) (Chief Clerk) | 0025| | 0001| | 0002| | 0003| Date ________________________ | 0004| | 0005| | 0006| The roll call vote was 7 For 0 Against | 0007| Yes: 7 | 0008| No: 0 | 0009| Excused: McSorley, Nava | 0010| Absent: None | 0011| | 0012| | 0013| SJ004WM1 | 0014| State of New Mexico | 0015| House of Representatives | 0016| | 0017| FORTY-THIRD LEGISLATURE | 0018| FIRST SESSION, 1997 | 0019| | 0020| | 0021| March 21, 1997 | 0022| | 0023| | 0024| Mr. Speaker: | 0025| | 0001| Your TAXATION AND REVENUE COMMITTEE, to whom has | 0002| been referred | 0003| | 0004| SENATE JOINT MEMORIAL 4 | 0005| | 0006| has had it under consideration and reports same with | 0007| recommendation that it DO PASS. | 0008| | 0009| Respectfully submitted, | 0010| | 0011| | 0012| | 0013| | 0014| Jerry W. Sandel, Chairman | 0015| | 0016| | 0017| Adopted Not Adopted | 0018| | 0019| (Chief Clerk) (Chief Clerk) | 0020| | 0021| Date | 0022| | 0023| The roll call vote was 6 For 1 Against | 0024| Yes: 6 | 0025| No: Russell | 0001| Excused: Gonzales, Gubbels, Lovejoy, Lujan, Sandel, Stell | 0002| Absent: None | 0003| | 0004| | 0005| G:\BILLTEXT\BILLW_97\SJ004 |