NOTE: As provided in LFC policy, this report is intended for use by the standing finance committees of the legislature.  The Legislative Finance Committee does not assume responsibility for the accuracy of the information in this report when used in any other situation.

Only the most recent FIR version, excluding attachments, is available on the Intranet. Previously issued FIRs and attachments may be obtained from the LFC office in Suite 101 of the State Capitol Building North.

(Parenthesis ( ) Indicate Expenditure Decreases)

(Parenthesis ( ) Indicate Revenue Decreases)

Duplicates/Conflicts with/Companion to/Relates to SJM 35, HJM 30, HJM 16, SJM 25, SJM 15

SOURCES OF INFORMATION

Taxation and Revenue Department (TRD)

Economic Development Department

SUMMARY

Synopsis of Bill

The bill discusses changing commerce, the Internet and concerns about the gross receipts tax. The bill points out that all state and local tax systems are undergoing stress as business patters and practices outrun the scope of current taxation instruments. The bill directs the Revenue Stabilization and Tax Policy Committee to develop a state tax policy supporting and promoting economic development and to propose changes to stimulate the economy, encourage businesses to expand and relocate in New Mexico. The report and recommendations to the legislature are due by December 15, 2000.

FISCAL IMPLICATIONS

None

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