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|
SPONSOR: |
Salazar |
DATE TYPED: |
02-04-02 |
HB |
413 |
||
|
SHORT TITLE: |
Gaming Revenue Distribution |
SB |
|
||||
|
|
ANALYST: |
Neel |
|||||
REVENUE
|
Estimated Revenue |
Subsequent Years
Impact |
Recurring or Non-Rec |
Fund Affected |
|
|
FY02 |
FY03 |
|
|
|
|
|
($0.1)
Undetermined |
($0.1)
Undetermined |
Recurring |
General Fund |
|
|
$0.1 Undetermined |
$0.1 Undetermined |
Recurring |
Local |
(Parenthesis ( ) Indicate Revenue Decreases)
Relates to HB 115
LFC files
No Response:
Taxation and Revenue Department (TRD)
SUMMARY
Synopsis
of Bill
House Bill 413 amends
statute to direct one-third of net receipts of revenue sharing from Indian
Gaming to be allocated to the municipality where they were generated. Distributions will be made on a quarterly
basis by TRD. The distributions will be
used for the acquisition, construction, or improvement of municipal government
infrastructure or for providing police and fire protection services.
Effective – July 1,
2002
FISCAL IMPLICATIONS
Undetermined
OTHER SUBSTANTIVE ISSUES
Under the Indian
Gaming Compact, the Governor is authorized to execute a revenue-sharing
agreement with any New Mexico Indian Nation, tribe, or pueblo that has also
entered into an Indian gaming compact as provided by law. Under the new compacts, each tribe shall pay
the state eight percent of it net win, except if the total net win in a
calendar year is less than $12.0 million, the tribe shall pay three percent of
the first $4.0 million and eight percent of the rest of the net win. Net win is defined as the annual total
amount wagered at a gaming facility on gaming machines, less the prizes from gaming
machines, regulatory fees, and $275.0 per year amount representing tribal regulatory
fees. The FY 02 consensus revenue
forecast includes $8.0 million in Tribal Revenue sharing.
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