State of New Mexico
                      House of Representatives
  
                      FORTY-THIRD LEGISLATURE
                        FIRST SESSION, 1997
  
  
                                                February 28, 1997
  
  
  Mr. Speaker:
  
       Your EDUCATION COMMITTEE, to whom has been referred
  
                        HOUSE BILL 264
  
  has had it under consideration and reports same with
  recommendation that it DO PASS, amended as follows:
  
       1.  On page 1, line 21, after "is" insert "the owner of".
  
       2.  On page 2, line 4, after "taxpayer" insert "who is the
  owner of a New Mexico business".
  
       3.  On page 2, line 5, strike "taxpayer" and insert in lieu
  thereof "business".
  
       4.  On page 2, line 14, after "credit" insert "pursuant to
  this section or Section 2 of this act".
  
       5.  On page 2, line 17, after "claim" strike the remainder of
  the line, strike all of lines 18 through 22 and insert in lieu
  thereof:  
  
  "certification from the superintendent of public instruction, in a
  manner and form determined by the secretary, that the employees for
  whom the credit is being claimed are qualified students who are
  participants in the pilot program and information required by the
  secretary with respect to the students' employment by the taxpayer
  during the taxable year for which the credit is claimed.". 
       6.  On page 3, line 12, after "partnership" insert ", limited
  partnership, limited liability company, S corporation".
  
       7.  On page 3, line 14, after "partnership" insert ", limited
  partnership, limited liability company, S corporation".
  
       8.  On page 3, line 15, strike "partnership or association"
  and insert in lieu thereof "business".
  
       9.  On page 4, line 1, after "company" insert "treated as a
  partnership for federal income tax purposes, S corporation".
  
       10.  On page 5, line 7, after "credit" insert "pursuant to
  this section or Section 1 of this act".
  
       11.  On page 5, line 10, after "claim", strike the remainder
  of the line, strike all of lines 11 through 15 and insert in lieu
  thereof:  
  
  "certification from the superintendent of public instruction, in a
  manner and form determined by the secretary, that the employees for
  whom the credit is being claimed are qualified students who are
  participants in the pilot program and information required by the
  secretary with respect to the students' employment by the taxpayer
  during the taxable year for which the credit is claimed.". 
  
       12.  On page 6, line 6, strike the comma and strike all of
  line 7.
  
       13.  On page 6, between lines 15 and 16, insert the following
  new section:
  
            "Section 3.  DELAYED REPEAL.--Sections 1 and 2 of this
  act are repealed effective January 1, 1999."
  
       14.  Renumber the succeeding section accordingly.,
  
  and thence referred to the TAXATION AND REVENUE COMMITTEE.
  
                                Respectfully submitted,
  
  
  
                                                                 
                                                              Samuel F. Vigil, Chairman
  
  
  Adopted                       Not Adopted                       
            (Chief Clerk)                       (Chief Clerk)
  
                         Date             
  
  The roll call vote was 12  For 0  Against
  Yes:      12
            Excused:  Nicely
            Absent:   None
  
  
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