FORTY-SIXTH LEGISLATURE

FIRST SESSION, 2003





February 27, 2003





Mr. Speaker:



Your TRANSPORTATION COMMITTEE, to whom has been referred



HOUSE BILL 690



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



1. On page 2, between lines 10 and 11, insert the following new paragraph:



"(3) "effective general fund gross receipts tax rate" means the tax rate imposed by Section 7-9-4 NMSA 1978, less the amount of the credit allowed for municipal gross receipts tax paid as specified in Subsection A of Section 7-9-82 NMSA 1978, less the amount of the percentage specified as the numerator of the quotient referenced in Subsection A of Section 7-1-6.4 NMSA 1978;".



2. Renumber the succeeding paragraphs accordingly.



3. On page 2, line 12, before "tax" insert "effective general fund gross receipts".



4. On page 2, lines 12 and 13, strike "imposed by Section 7-9-4 NMSA 1978".,



and thence referred to the TAXATION AND REVENUE COMMITTEE.



Respectfully submitted,







Daniel P. Silva, Chairman





Adopted Not Adopted

(Chief Clerk) (Chief Clerk)



Date



The roll call vote was 9 For 0 Against

Yes: 9

Excused: Powdrell-Culbert, Roberts, Taylor, J. G.

Absent: None





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