SENATE JOINT MEMORIAL 39

51st legislature - STATE OF NEW MEXICO - first session, 2013

INTRODUCED BY

William E. Sharer

A JOINT MEMORIAL

REQUESTING THE LEGISLATIVE FINANCE COMMITTEE AND THE INTERIM REVENUE STABILIZATION AND TAX POLICY COMMITTEE TO EVALUATE THE EXTENT TO WHICH SENATE BILL 368 OF THE FIRST SESSION OF THE FIFTY-FIRST LEGISLATURE MEETS THE CRITERIA OF GOOD TAX POLICY.

     WHEREAS, taxes are an essential component of state government; and

     WHEREAS, it is widely recognized that a state tax system, to the extent possible, should reflect the principles of good tax policy; and

     WHEREAS, an ideal tax system provides enough revenue from enough streams for a government to fund its programs and fulfill its duties in the present and the future; and

     WHEREAS, an ideal tax system imposes payment liability fairly; and

     WHEREAS, an ideal tax system makes it easy for taxpayers to understand what is owed and simplifies enforcement by tax administrators; and

     WHEREAS, an ideal tax system does not influence the market decisions of those subjected to it; and

     WHEREAS, in practice, the principles of good tax policy often conflict, making an ideal tax system elusive; and

     WHEREAS, nevertheless, policymakers in New Mexico have striven to reform the tax system so that it more closely conforms to the ideals of good tax policy; and

     WHEREAS, Senate Bill 368 is one such attempt at comprehensive reform; and

     WHEREAS, the legislative finance committee provides the legislature with objective fiscal and public policy analysis and recommendations; and

     WHEREAS, the interim revenue stabilization and tax policy committee examines revenue and tax policy in New Mexico and makes related recommendations to the legislature;

     NOW, THEREFORE, BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO that the legislative finance committee and the interim revenue stabilization and tax policy committee study Senate Bill 368 from the first session of the fifty-first legislature to determine the extent to which it reflects the principles of adequacy, equity, simplicity and efficiency; and

     BE IT FURTHER RESOLVED that copies of this memorial be transmitted to the legislative finance committee and the interim revenue stabilization and tax policy committee.

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