FIFTIETH LEGISLATURE

FIRST SESSION, 2011

March 9, 2011

Mr. Speaker:

    Your TAXATION AND REVENUE COMMITTEE, to whom has been referred

HOUSE BILL 382

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

    1. On page 1, line 12, strike “DIRECTLY” and insert in lieu thereof “EXTRACTED FROM OR”.

     2. On page 2, line 3, strike “directly” and insert in lieu thereof “extracted from or”.

     3. On page 5, lines 18 and 19, strike "that files a New Mexico corporate income tax return".

     4. On page 5, between lines 23 and 24, insert the following:

      “SECTION 2. No application for approval of a tax credit pursuant to the expansion of the definitions in Section 1 may be filed prior to July 1, 2012.".