SENATE BILL 616

48th legislature - STATE OF NEW MEXICO - first session, 2007

INTRODUCED BY

Timothy Z. Jennings

AN ACT

RELATING TO TAXATION; PROVIDING AN INCOME TAX CREDIT FOR LIVESTOCK KILLED BY WILDLIFE PREDATORS; REQUIRING THE DEPARTMENT OF GAME AND FISH TO CERTIFY THAT LIVESTOCK HAS BEEN KILLED BY A WILDLIFE PREDATOR.

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

     Section 1. A new section of the Income Tax Act is enacted to read:

     "[NEW MATERIAL] LIVESTOCK KILLED BY WILDLIFE PREDATOR--INCOME TAX CREDIT.--

          A. A taxpayer who files an individual New Mexico income tax return, who is not a dependent of another individual and who is the owner of livestock killed in the taxable year by a wildlife predator may claim a credit for the value of the class of livestock for that taxable year as determined by the department for property tax assessment purposes as provided in Section 7-36-21 NMSA 1978 or the assessed value determined by the local assessor, whichever is greater. Each claim for a credit for livestock killed by a wildlife predator shall be accompanied by documentation and certification as the department may require by regulation or instruction.

          B. The department of game and fish shall determine whether the livestock was killed by a wildlife predator within twenty-four hours of the kill being reported by the owner and provide the owner with a certificate that meets the requirements of the taxation and revenue department and the department of game and fish. However, if a game and fish officer does not respond to the kill report within the required time limit, the livestock shall be deemed to have been killed by a wildlife predator and the owner shall sign and affirm the certificate required by the taxation and revenue department.

          C. A husband and wife who file separate returns for a taxable year in which they could have filed a joint return may each claim only one-half of the credit that would have been allowed on a joint return.

          D. A taxpayer who otherwise qualifies and claims a credit for livestock killed in a taxable year by a wildlife predator may claim a credit only in proportion to the taxpayer's interest in the livestock. The total credit claimed shall not exceed the assessed value of the livestock at the time the animal was killed.

          E. The credit provided in this section may only be deducted from the taxpayer's income tax liability for the taxable year in which the kill occurred.

          F. For the purposes of this section, "livestock" means domestic or domesticated animals that are used or raised on a farm or ranch and exotic animals in captivity and includes horses, asses, mules, cattle, sheep, goats, swine, bison, poultry, ostriches, emus, rheas, camelids and farmed cervidae upon any land in New Mexico; "livestock" does not include canine or feline animals."

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