0001| HOUSE BILL 69
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0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003| 1996
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0004| INTRODUCED BY
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0005| MURRAY RYAN
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0006|
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0007|
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0008|
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0009|
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0010|
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0011| AN ACT
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0012| RELATING TO TAXATION; ABOLISHING THE SEVERANCE TAX INCOME FUND
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0013| AND TRANSFERRING ALL MONEY IN THAT FUND TO THE SEVERANCE TAX
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0014| PERMANENT FUND.
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0015|
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0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017| Section 1. Section 7-27-3 NMSA 1978 (being Laws 1973,
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0018| Chapter 294, Section 2) is amended to read:
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0019| "7-27-3. SEVERANCE TAX PERMANENT [AND INCOME FUNDS]
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0020| FUND CREATED.-- There [are] is created in the state
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0021| treasury the "severance tax permanent fund" [and the "severance
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tax income fund"]."
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0023| Section 2. TEMPORARY PROVISION.--On the effective date of
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0024| this act, the severance tax income fund is abolished and all
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0025| money in that fund is transferred to the severance tax permanent
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0001| fund.
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0002| Section 3. REPEAL.--Section 7-27-4 NMSA 1978 (being Laws
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0003| 1973, Chapter 294, Section 4, as amended) is repealed.
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0004| Section 4. EFFECTIVE DATE.--The provisions of this act
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0005| shall become effective upon certification by the secretary of
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0006| state that the constitution of New Mexico has been amended as
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0007| proposed by a joint resolution of the forty-second legislature,
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0008| second session, entitled "A JOINT RESOLUTION PROPOSING
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0009| AMENDMENTS TO ARTICLE 8, SECTION 10 AND ARTICLE 12, SECTIONS 2,
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0010| 4 AND 7 OF THE CONSTITUTION OF NEW MEXICO TO PROTECT THE STATE'S
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0011| PERMANENT FUNDS AGAINST INFLATION BY LIMITING DISTRIBUTIONS TO A
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0012| PERCENTAGE OF EACH FUND'S MARKET VALUE AND BY MODIFYING CERTAIN
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0013| INVESTMENT RESTRICTIONS TO ALLOW OPTIMAL DIVERSIFICATION OF
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0014| INVESTMENTS.".
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0015|
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0016| State of New Mexico
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0017| House of Representatives
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0018|
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0019| FORTY-SECOND LEGISLATURE
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0020| SECOND SESSION, 1996
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0021|
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0022|
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0023| January 29, 1996
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0024|
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0025|
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0001| Mr. Speaker:
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0002|
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0003| Your TAXATION AND REVENUE COMMITTEE, to whom has
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0004| been referred
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0005|
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0006| HOUSE BILL 69
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0007|
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0008| has had it under consideration and reports same with
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0009| recommendation that it DO PASS, and thence referred to the
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0010| APPROPRIATIONS AND FINANCE COMMITTEE.
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0011|
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0012| Respectfully submitted,
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0013|
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0014|
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0015|
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0016|
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0017| Jerry W. Sandel, Chairman
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0018|
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0019|
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0020| Adopted Not Adopted
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0021|
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0022| (Chief Clerk) (Chief Clerk)
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0023|
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0024| Date
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0025|
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0001| The roll call vote was 12 For 0 Against
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0002| Yes: 12
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0003| Excused: Gallegos
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0004| Absent: None
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0005|
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0006|
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0007|
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0008| H0069TR1
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0009|
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0010| FORTY-SECOND LEGISLATURE
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0011| SECOND SESSION, 1996
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0012|
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0013|
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0014| February 7, 1996
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0015|
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0016| Mr. President:
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0017|
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0018| Your WAYS AND MEANS COMMITTEE, to whom has been
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0019| referred
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0020|
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0021| HOUSE BILL 69
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0022|
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0023| has had it under consideration and reports same with
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0024| recommendation that it DO PASS, and thence referred to the
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0025| FINANCE COMMITTEE.
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0001|
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0002| Respectfully submitted,
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0003|
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0004|
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0005|
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0006| __________________________________
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0007| TITO D. CHAVEZ, Chairman
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0008|
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0009|
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0010|
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0011| Adopted_______________________ Not Adopted_______________________
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0012| (Chief Clerk) (Chief Clerk)
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0013|
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0014|
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0015| Date ________________________
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0016|
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0017|
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0018| The roll call vote was 5 For 0 Against
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0019| Yes: 5
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0020| No: 0
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0021| Excused: Campos, Riley, Wiener
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0022| Absent: None
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0023|
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0024|
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0025| S0069WM1
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0001|
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0002|
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0003|
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0004| FORTY-SECOND LEGISLATURE
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0005| SECOND SESSION, 1996
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0006|
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0007|
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0008| February 8, 1996
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0009|
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0010| Mr. President:
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0011|
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0012| Your FINANCE COMMITTEE, to whom has been referred
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0013|
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0014| HOUSE BILL 69
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0015|
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0016| has had it under consideration and reports same with
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0017| recommendation that it DO PASS.
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0018|
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0019| Respectfully submitted,
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0020|
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0021|
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0022|
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0023| __________________________________
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0024| Ben D. Altamirano, Chairman
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0025|
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0001|
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0002|
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0003| Adopted_______________________ Not Adopted_______________________
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0004| (Chief Clerk) (Chief Clerk)
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0005|
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0006|
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0007|
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0008| Date ________________________
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0009|
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0010|
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0011| The roll call vote was 7 For 0 Against
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0012| Yes: 7
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0013| No: 0
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0014| Excused: Aragon, Ingle, Jennings T., Kidd, Kysar, Macias
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0015| Absent: None
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0016|
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0017|
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0018| H0069FC1
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0019|
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