[1] NOTE: As provided in LFC policy, this report is intended only 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.

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F I S C A L I M P A C T R E P O R T

SPONSOR:	Aragon		DATE TYPED:	02/04/02		HB
SHORT TITLE:		Interim Legislative Tax Review Committee				SB	432
					ANALYST:		Burch

APPROPRIATION

Appropriation Contained

Estimated Additional Impact

Recurring

or Non-Rec

Fund

Affected

FY02

FY03

FY02

FY03

100.0

Nonrecurring

General Fund

(Parenthesis ( ) Indicate Expenditure Decreases)

SOURCES OF INFORMATION

LFC files

Taxation and Revenue Department (no analysis received as the writing of this report)

Department of Finance and Administration (no analysis received as the writing of this report)

State Highway and Transportation Department (no analysis received as the writing of this report)

SUMMARY

Synopsis of Bill

Senate Bill 432 appropriates $100.0 from the general fund to the Legislative Council Service for the purpose of providing staff for a special interim legislative committee to conduct a comprehensive review of New Mexico tax policy during the 2002 interim.

Significant Issues

A New Mexico tax study was prepared by the University of New Mexico, Bureau of Business and Economic Research (BBER), in June 1994 and an update to the study was done in October 1996.

FISCAL IMPLICATIONS

The appropriation of $100.0 contained in this bill is a nonrecurring expense to the general fund. Any unexpended or unencumbered balance remaining at the end of fiscal year 203 shall revert to the general fund.

DKB/ar