FORTY-NINTH LEGISLATURE

FIRST SESSION, 2009

February 2, 2009

Mr. Speaker:

    Your TAXATION AND REVENUE COMMITTEE, to whom has been referred

SENATE BILL 80, as amended

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

1. Strike Senate Finance Committee Amendment 1.

     2. On page 5, between lines 7 and 8, insert the following new section:

     "Section 2. TEMPORARY PROVISION.--For estimated payments due on or before April 15, 2009, pursuant to Section 7-2A-9.1 NMSA 1978, a taxpayer shall remit at least 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 remainder 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.".

     3. Renumber the succeeding sections accordingly.