April 8, 1999

The Honorable Raymond G. Sanchez and

Members of the House of Representatives

Executive-Legislative Building

Santa Fe, New Mexico 87503

Honorable Speaker and Members of the House:

I have this day VETOED and am returning HOUSE BILL 86

enacted by the Forty-Fourth Legislature, First Session, 1999.

This bill would require the Taxation and Revenue Department to revamp the way it calculates interest on amounts owed to the state. In itself the proposal is not objectionable but cannot be carried out in the unrealistically short time allowed. Further, the Department is in the middle of reprogramming all of its computer systems. It would be more efficient to wait a year or two to make this basic change. This would also allow time to consider parallel changes to the way the state pays interest, a concept which is not dealt with by this proposal.

Sincerely,

Gary E. Johnson

Governor