45th legislature - STATE OF NEW MEXICO - first session, 2001

RELATING TO TAXATION; PROVIDING FOR A DISTRIBUTION FROM THE EXTRACTION TAXES SUSPENSE FUND TO THE LOW INCOME HOME ENERGY ASSISTANCE PROGRAM IF COLLECTIONS FROM THE OIL AND GAS EMERGENCY SCHOOL TAX EXCEED CERTAIN AMOUNTS; MAKING AN APPROPRIATION.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

Section 1. Section 7-1-6.20 NMSA 1978 (being Laws 1985, Chapter 65, Section 6) is amended to read:

"7-1-6.20. IDENTIFICATION OF MONEY IN EXTRACTION TAXES SUSPENSE FUND--DISTRIBUTION.--After the necessary disbursements have been made from the extraction taxes suspense fund, the money remaining in the suspense fund as of the last day of the month shall be identified by tax source and distributed or transferred in accordance with the provisions of Sections 7-1-6.21 through 7-1-6.23 and 7-1-6.42 NMSA 1978. After the necessary distributions and transfers, any balance, except for remittances unidentified as to source or disposition, shall be transferred to the general fund."

Section 2. A new section of the Tax Administration Act, Section 7-1-6.42 NMSA 1978, is enacted to read:

"7-1-6.42. [NEW MATERIAL] DISTRIBUTION TO LOW INCOME HOME ENERGY ASSISTANCE PROGRAM.--

A. A distribution pursuant to Section 7-1-6.20 NMSA 1978 equal to thirty percent of the amount calculated in Subsection B of this section shall be made to the income support division of the human services department for expenditure for the low income home energy assistance program.

B. The amount used to calculate the distribution pursuant to Subsection A of this section shall equal the amount collected pursuant to the Oil and Gas Emergency School Tax Act in the current fiscal year to date and credited to the extraction taxes suspense fund less the sum of the base amount for the current fiscal year and the amount distributed pursuant to this section in the current fiscal year to date.

C. As used in Subsection B of this section, "base amount for the current fiscal year" means the amount collected pursuant to the Oil and Gas Emergency School Tax Act in fiscal year 2000 multiplied by a fraction the denominator of which is the consumer price index for calendar year 1999 for the United States for all items as published by the United States department of labor and the numerator of which is the same index for the calendar year preceding July 1 of the current fiscal year."

Section 3. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2001.