SENATE BILL 298
48th legislature - STATE OF NEW MEXICO - second session, 2008
INTRODUCED BY
Stuart Ingle
FOR THE CAPITOL BUILDINGS PLANNING COMMISSION
AN ACT
RELATING TO STATE BUILDINGS; INCREASING THE GROSS RECEIPTS TAX DISTRIBUTION TO THE STATE BUILDING BONDING FUND; MAKING AN APPROPRIATION.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
Section 1. Section 7-1-6.42 NMSA 1978 (being Laws 2001, Chapter 199, Section 12, as amended) is amended to read:
"7-1-6.42. DISTRIBUTION--STATE BUILDING BONDING
FUND--GROSS RECEIPTS TAX.--A distribution pursuant to
Section 7-1-6.1 NMSA 1978 shall be made to the state building bonding fund in the amount of [five hundred thirty thousand dollars ($530,000)] five hundred ninety thousand dollars ($590,000) from the net receipts attributable to the gross receipts tax imposed by the Gross Receipts and Compensating Tax Act. The distribution shall be made:
A. after the required distribution pursuant to Section 7-1-6.4 NMSA 1978;
B. contemporaneously with other distributions of net receipts attributable to the gross receipts tax for payment of debt service on outstanding bonds or to a fund dedicated for that purpose; and
C. prior to any other distribution of net receipts attributable to the gross receipts tax."
Section 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2008.
- 2 -