February 11, 2002

Mr. Speaker:

Your TAXATION AND REVENUE COMMITTEE, to whom has been referred

HOUSE BILL 40

has had it under consideration and reports same with recommendation that it DO PASS, amended as follows:

1. On page 1, line 20, strike "The" and insert in lieu thereof "To stimulate new business development, the".

2. On page 2, line 1, after "taxpayer" insert "who is not a successor in business of another taxpayer and".

3. On page 2, line 1, after "New Mexico" insert "is established after the effective date of this section,".

Respectfully submitted,

Donald L. Whitaker, Chairman

Adopted Not Adopted

(Chief Clerk) (Chief Clerk)

The roll call vote was 10 For 0 Against

Yes: 10

Excused: Boykin, Burpo, Hanosh, Russell, Sandoval, Stell

Absent: None

.141208.3

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