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.
F I S C A L I M P A C T R E P O R T
| SPONSOR: | Cisneros | DATE TYPED: | 01/28/00 | HB | |||
| SHORT TITLE: | State Chartered Credit Union Deduction | SB | 98 | ||||
| ANALYST: | Eaton | ||||||
REVENUE
|
Estimated Revenue |
Subsequent
Years Impact |
Recurring
or Non-Rec |
Fund
Affected | |
| FY00 | FY2001 | |||
| $ (62.0) | $ (68.0) | Recurring | General Fund | |
| $ (53.0) | $ (58.0) | Recurring | Local Govt | |
(Parenthesis ( ) Indicate Revenue Decreases)
SOURCES OF INFORMATION
Taxation and Revenue Department (TRD)
SUMMARY
Synopsis of Bill
This bill provides for a deduction of gross receipts from sales to state credit unions chartered under the provisions of the Credit Union Act. The extent of the deduction to state credit unions will be the same extent that federal credit unions may deduct pursuant to the provisions of Section 7-9-54 NMSA 1978 (Attachment).
FISCAL IMPLICATIONS
The estimated impact in FY01 is $62.0 (recurring) to the General Fund and $53.0 (recurring) to local governments.
JE/gm/njw
Attachments