0001|                           SENATE BILL 1084
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0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003|                            INTRODUCED BY
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0004|                            R. L. STOCKARD
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0005|     
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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|                                AN ACT
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0011|     RELATING TO TAXATION; AMENDING THE SPECIAL FUELS SUPPLIER TAX
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0012|     ACT TO PROVIDE A CREDIT FOR PRODUCING CERTAIN FUELS BY
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0013|     ALTERNATIVE MEANS; ENACTING A NEW SECTION OF THE NMSA 1978.
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0014|     
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0015|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0016|          Section 1.  A new section of the Special Fuels Supplier
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0017|     Tax Act is enacted to read:
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0018|          "[<u>NEW MATERIAL</u>]  ALTERNATIVE FEEDSTOCK CREDIT.--
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0019|               A.  Prior to January 1, 2009, any person who
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0020|     produces diesel fuel, naphtha and kerosene for sale from
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0021|     feedstock that is at least ninety percent natural gas may
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0022|     claim, and the department may allow, a credit in an amount
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0023|     specified in Subsection B of this section.  The credit shall be
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0024|     claimed on forms and in the manner specified by the department. 
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0025|     The credit authorized by this section may be referred to as the
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0001|     "alternative feedstock credit".
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0002|               B.  The alternative feedstock credit is an amount
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0003|     equal to the difference between eighty-five cents per gallon
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0004|     and the average price for the report period for diesel fuel
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0005|     times the number of diesel fuel gallons produced from
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0006|     alternative feedstock and sold during the report period.  The
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0007|     amount of the credit per gallon shall not exceed the rate of
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0008|     the special fuel excise tax for the report period.
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0009|               C.  As used in this section, "average price" means
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0010|     the average price per gallon, truncated to the nearest whole
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0011|     cent, of No. 2 diesel fuel reported in "refiner prices of
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0012|     petroleum products to end users" in the publication, Monthly
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0013|     Energy Review, published by the energy information
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0014|     administration, or any successor index or publication.
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0015|               D.  The department shall keep records of the amounts
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0016|     of credit allowed to each person claiming the alternative
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0017|     feedstock credit and the amounts of any credit repayments made
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0018|     under Subsection E of this section by that person.
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0019|               E.  Except as provided otherwise in this subsection,
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0020|     any person who has been allowed alternative feedstock credits
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0021|     shall repay the amount of credit allowed whenever the average
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0022|     price exceeds eighty-five cents per gallon.  The repayment is
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0023|     an amount equal to the difference between the average price and
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0024|     eighty-five cents times the number of gallons of diesel
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0025|     produced from alternative feedstock and sold during the report
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0001|     period.  Repayment is due by the twenty-fifth of the month
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0002|     following the month in which the average price is published. 
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0003|     The amount of repayment made or due under this subsection shall
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0004|     not exceed the total amount of unrepaid alternative feedstock
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0005|     credits allowed.  The department may assess as tax any
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0006|     repayment amount due but not paid timely.
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0007|               F.  Any alternative feedstock credit based on a
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0008|     reporting period ending prior to January 1, 2009 may be claimed
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0009|     and allowed through December 31, 2009."
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0010|          Section 2.  The effective date of the provisions of this
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0011|     act is July 1, 1997.
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0012|                                    
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0013|   
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0014|                      FORTY-THIRD LEGISLATURE
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0015|                        FIRST SESSION, 1997
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0016|   
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0017|   
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0018|                                                   March 1, 1997
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0019|   
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0020|   Mr. President:
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0021|   
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0022|       Your CONSERVATION COMMITTEE, to whom has been referred
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0023|   
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0024|                          SENATE BILL 1084
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0025|   
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0001|   has had it under consideration and reports same with
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0002|   recommendation that it DO PASS, and thence referred to the
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0003|   WAYS AND MEANS COMMITTEE.
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0004|   
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0005|                                Respectfully submitted,
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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|                                Michael S. Sanchez, Chairman 
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0012|   
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0013|   
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0014|   
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0015|   Adopted_______________________   Not
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0016|   Adopted_______________________
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0017|             (Chief Clerk)                          (Chief Clerk)
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0018|   
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0019|   
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0020|                     Date ________________________
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0021|   
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0022|   
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0023|   The roll call vote was <u> 6 </u> For <u> 0 </u> Against
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0024|           Yes:    6
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0025|           No:     None
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0001|                Excused:     Davis, Eisenstadt, Kysar, Macias
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0002|           Absent: None
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0003|   
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0004|   
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0005|   S1084C01
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0006|   
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0007|     
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0008|   
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0009|                      FORTY-THIRD LEGISLATURE
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0010|                        FIRST SESSION, 1997            SB 1084/a
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0011|   
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0012|   
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0013|                                                   March 7, 1997
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0014|   
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0015|   Mr. President:
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0016|   
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0017|       Your WAYS AND MEANS COMMITTEE, to whom has been
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0018|   referred
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0019|   
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0020|                          SENATE BILL 1084
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0021|   
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0022|   has had it under consideration and reports same with
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0023|   recommendation that it DO PASS, amended as follows:
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0024|   
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0025|       1.  On page l, line 19, at the end of the line insert "in
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0001|   New Mexico,".
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0002|   
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0003|       2.  On page 1, line 20, after the word "from" insert "New
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0004|   Mexico".
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0005|   
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0006|       3.  On page 2, line 3, strike "eight-five" and insert in
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0007|   lieu thereof "seventy-seven".
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0008|   
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0009|       4.  On page 2, strike line 5 and on line 6 strike everything
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0010|   before the period and insert in lieu thereof "the difference
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0011|   between the number of diesel fuel gallons produced in New Mexico
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0012|   from alternative feedstock and the number of those gallons
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0013|   exported or sold for export".
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0014|   
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0015|       5.  On page 2, line 22, strike "eight-five" and insert in
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0016|   lieu thereof "eighty".
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0017|   
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0018|       6.  On page 2, line 24, strike "eight-five" and insert in
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0019|   lieu thereof "eighty".,
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0020|   
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0021|   and thence referred to the FINANCE COMMITTEE. 
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0022|                
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0023|                                Respectfully submitted,
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0024|   
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0025|   
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0001|   
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0002|                                
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0003|   __________________________________
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0004|                                Carlos R. Cisneros, Chairman 
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0005|   
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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|   
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0012|   Adopted_______________________   Not
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0013|   Adopted_______________________
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0014|             (Chief Clerk)                          (Chief Clerk)
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0015|   
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0016|   
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0017|                     Date ________________________
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0018|   
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0019|   
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0020|   The roll call vote was <u> 7 </u> For <u> 0 </u> Against
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0021|           Yes:    7
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0022|           No:     0
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0023|                Excused:     Jennings, Nava
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0024|           Absent: None
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0025|   
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0001|   
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0002|   
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0003|   
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0004|   
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0005|   S1084WM1  
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0006|   
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0007|                      FORTY-THIRD LEGISLATURE
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0008|                        FIRST SESSION, 1997
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0009|   
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0010|   
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0011|                                                  March 12, 1997
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0012|   
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0013|   Mr. President:
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0014|   
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0015|       Your FINANCE COMMITTEE, to whom has been referred
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0016|   
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0017|                    SENATE BILL 1084, as amended
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0018|   
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0019|   has had it under consideration and reports same with
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0020|   recommendation that it DO PASS.
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0021|   
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0022|                                Respectfully submitted,
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0023|   
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0024|   
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0025|   
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0001|                                
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0002|   __________________________________
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0003|                                Ben D. Altamirano, Chairman 
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0004|   
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0005|   
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0006|   
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0007|   Adopted_______________________   Not
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0008|   Adopted_______________________
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0009|             (Chief Clerk)                          (Chief Clerk)
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0010|   
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0011|   
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0012|   
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0013|                     Date ________________________
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0014|   
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0015|   
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0016|   The roll call vote was<u> 6 </u> For<u> 0 </u> Against
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0017|           Yes:    6
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0018|           No:     None
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0019|                Excused:     Carraro, Fidel, Ingle, Lyons, McKibben
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0020|           Absent: None
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0021|   
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0022|   
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0023|   S1084FC1
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0024|     
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0025|   
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0001|                      FORTY-THIRD LEGISLATURE
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0002|                        FIRST SESSION, 1997
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0003|   
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0004|   
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0005|                                                  March 12, 1997
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0006|   
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0007|   Mr. President:
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0008|   
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0009|       Your FINANCE COMMITTEE, to whom has been referred
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0010|   
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0011|                    SENATE BILL, 1084 as amended
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0012|   
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0013|   has had it under consideration and reports same with
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0014|   recommendation that it DO PASS.
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0015|   
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0016|                                Respectfully submitted,
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0017|   
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0018|   
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0019|   
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0020|                                
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0021|   __________________________________
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0022|                                Ben D. Altamirano, Chairman 
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0023|   
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0024|   
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0025|   
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0001|   Adopted_______________________   Not
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0002|   Adopted_______________________
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0003|             (Chief Clerk)                          (Chief Clerk)
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0004|   
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0005|   
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0006|   
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0007|                     Date ________________________
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0008|   
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0009|   
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0010|   The roll call vote was <u> 6 </u> For <u> 0 </u> Against
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0011|           Yes:    6
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0012|           No:     None
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0013|                Excused:     Carraro, Fidel, Ingle, Lyons, McKibben
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0014|           Absent: None
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0015|   
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0016|   
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0017|   S1084FC1
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