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| SPONSOR: | Gonzales | DATE TYPED: | 02/07/00 | HB | 393 | ||
| SHORT TITLE: | Clarify Payment of Occupancy Tax | SB | |||||
| ANALYST: | Williams | ||||||
| Subsequent
Years Impact |
Recurring
or Non-Rec |
Fund
Affected | ||
| FY00 | FY01 | |||
|
See Narrative |
Local Governments | |||
(Parenthesis ( ) Indicate Revenue Decreases)
Duplicates/Conflicts with/Companion to/Relates to
SOURCES OF INFORMATION
LFC Files
Department of Finance and Administration, Local Government Division (DFA/LGD)
New Mexico Municipal League
SUMMARY
Synopsis of Bill
The bill would impose the lodgers tax on property management companies renting properties on a daily basis. This impact is expected to be principally in resort areas of the state. The effective date of the bill is July 1, 2000.
FISCAL IMPLICATIONS
There is uncertainty on the potential revenue impact of the bill. There is a potential revenue increase from picking up certain activities of property management companies; however, some of these companies may already be paying the lodgers tax in some areas. The largest impact is expected in resort areas of the state because of their concentration of rental companies.
The attached tables show lodgers' tax collections for FY99 for counties and municipalities. In FY99, counties collected $633.4, while municipalities collected the bulk of these receipts, $20,935.9.
TECHNICAL ISSUES
On page 4, line 20, the new language is not clearly understood.
AW/gm
Attachment