FORTY-NINTH LEGISLATURE

FIRST SESSION, 2009

January 28, 2009

Mr. Speaker:

    Your TAXATION AND REVENUE COMMITTEE, to whom has been referred

HOUSE BILL 8

has had it under consideration and reports same with recommendation that it DO NOT PASS, but that

HOUSE TAXATION AND REVENUE COMMITTEE SUBSTITUTE

FOR HOUSE BILL 8

DO PASS, amended as follows:

     1. On page 25, between lines 24 and 25, insert the following new section:

     "Section 10. TEMPORARY PROVISION.--For estimated payments due on or before April 15, 2009, pursuant to Section 7-2A-9.1 NMSA 1978, a taxpayer may remit one-eighth of the annual estimated taxes due for the taxable year in lieu of the one-fourth that is required in that section. The remaining one-eighth of the annual estimated taxes due in the first quarter shall be remitted in addition to the taxpayer's second-quarter payment by June 15, 2009.".

     2. Renumber the succeeding sections accordingly.