[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:

Griego

 

DATE TYPED:

02/08/02

 

HB

 

 

SHORT TITLE:

Regulatory-Caused Loss of Production Hearings

 

SB

SM-4/aSCORC

 

 

ANALYST:

Woodlee

 

APPROPRIATION

 

Appropriation Contained

Estimated Additional Impact

Recurring

or Non-Rec

Fund

Affected

FY02

FY03

FY02

FY03

 

 

 

NFI

 

 

 

 

(Parenthesis ( ) Indicate Expenditure Decreases)

 

SOURCES OF INFORMATION

 

Economic Development Department

 

SUMMARY

 

     Synopsis of SCORC Amendment

 

The Senate Corporations and Transportation Committee amendment to Senate Memorial 4 clarifies that the requested hearings will also cover the benefits, not just losses, due to enacted federal and state regulations.

 

     Synopsis of Original Bill

 

Senate Memorial 4 requests the appropriation interim committee of the Legislative Council Service to conduct hearings regarding enacted federal and state regulations that have caused a loss in production capacity for New Mexico businesses.

 

     Significant Issues

 

The memorial indicates that the U.S. Supreme Court has declared investment-backed expectations as property due compensation under the fifth and fourteenth amendments of the U.S. Constitution.  Because productive capacity is classified as an investment-backed expectation, it is therefore also considered private property.  Both the United States and New Mexico Constitutions require compensation for property taken for public purposes.

 

FISCAL IMPLICATIONS

 

The memorial does not contain an appropriation or significant fiscal implication.

MW/njw

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