HOUSE EXECUTIVE MESSAGE NO. 75
The Honorable Ben Lujan and
Members of the House of Representatives
Honorable Speaker and Members of the House:
I have this day VETOED and am
returning HOUSE TAXATION AND REVENUE COMMITTEE SUBSTITUTE FOR HOUSE BILL 155,
as amended with emergency clause and certificate of correction, enacted by the
Forty-Fifth Legislature, First Session, 2001.
I previously indicated to the legislative leadership that I
would veto the capital appropriation bill absent a personal income tax cut for
all
This veto of the capital projects bill will result in a 12 percent operating reserve balance at the end of FY 2002. In addition, the bonding capacity that would have been available for statewide capital projects will now be available for Public School Critical Capital Outlay. If this capacity is not used for such purposes in the near future, revenues from mineral production taxes may revert to the Severance Tax Permanent Fund. Given the recent significant declines in investment values, I believe this reversion is a viable option.
I am still hopeful that the legislature will enact a
tax cut for all citizens. Given the
billion dollars of new money that the state is projected to generate in the
current and next fiscal year, we have an obligation to return some of this
surplus to taxpayers.
Sincerely,
Gary E. Johnson
Governor
RECEIVED FROM THE OFFICE OF THE
GOVERNOR:
Time: _____________________ By:_____________________________
Secretary
of State
Date ______________________
Time:______________________
Date_______________________ By:_____________________________
Chief Clerk of the
House
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