FORTY-EIGHTH LEGISLATURESB 291/a

FIRST SESSION, 2007

January 31, 2007

Madam President:

    Your CORPORATIONS AND TRANSPORTATION COMMITTEE, to whom has been referred

SENATE BILL 291

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

    1. On page 3, line 19, before "soil" insert "New Mexico department of agriculture, with the advice of the" and after "commission" strike the comma and insert "and".

    2. On page 4, line 8, strike the ending quotation mark.

    3. On page 4, between lines 8 and 9, insert the following new subsection to read:

         "I. As used in this section, "taxpayer" may include a partnership, limited liability corporation or other form of pass-through entity, which may pass the credit provided in this section through to its owners in proportion to their share of ownership."".

    4. On page 6, line 7, before "soil" insert "New Mexico department of agriculture, with the advice of the" and after "commission" strike the comma and insert "and".

    5. On page 6, line 21, strike the ending quotation mark.

    6. On page 6, between lines 21 and 22, insert the following new subsection to read:

         "H. As used in this section, "taxpayer" may include a partnership, limited liability corporation or other form of pass-through entity, which may pass the credit provided in this section through to its owners in proportion to their share of ownership."".,

and thence referred to the CONSERVATION COMMITTEE.

                               Respectfully submitted,

                               __________________________________

                               Shannon Robinson, Chairman

Adopted_______________________ Not Adopted_______________________

          (Chief Clerk) (Chief Clerk)

                  Date ________________________

The roll call vote was 8 For 0 Against

Yes:      8

No:       0

Excused: Ingle

Absent:   None

SB0291CT1                                                  .166549.2