NOTE: As provided in LFC policy, this report is intended for use by the standing finance committees of the legislature. The Legislative Finance Committee does not assume responsibility for the accuracy of the information in this report when used in any other situation.
| SPONSOR: | Kidd | DATE TYPED: | 1/27/00 | HB | |||
| SHORT TITLE: | Podiatric Service Gross Receipts Deduction | SB | 88 | ||||
| ANALYST: | Eaton | ||||||
| Subsequent
Years Impact |
Recurring
or Non-Rec |
Fund
Affected | ||
| FY00 | FY2001 | |||
| $ (31.0) | Recurring | General Fund | ||
| $ (26.0) | Recurring | Local Govt. | ||
(Parenthesis ( ) Indicate Revenue Decreases)
SOURCES OF INFORMATION
Taxation and Revenue Department (TRD)
SUMMARY
Synopsis of Bill
This bill adds podiatrists to those health practitioners allowed to deduct their receipts received from Medicare B.
FISCAL IMPLICATIONS
The estimated revenue impact assumed that the typical podiatrist receives 8% of total billings from Medicare.
The latest data available indicates that there are 45 podiatrists practicing in the state of New Mexico (1997 economic census).
ADMINISTRATIVE IMPLICATIONS
Insignificant
OTHER SUBSTANTIVE ISSUES
At the time the original Medicare B bill was passed, the Taxation and Revenue Department pointed out the inequity of excluding other licensed health practitioners from the gross receipts deduction. This bill addresses a significant omission in the original bill. Some health providers are still omitted from the deduction.
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