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 for other purposes.

 

The most recent FIR version (in HTML & Adobe PDF formats) is available on the Legislative Website.  The Adobe PDF version includes all attachments, whereas the HTML version does not.  Previously issued FIRs and attachments may be obtained from the LFC in Suite 101 of the State Capitol Building North.

 

 

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

 

 

SPONSOR:

Altamirano

 

DATE TYPED:

2/11/03

 

HB

 

 

SHORT TITLE:

Create Blue Ribbon Tax Reform Commission

 

SB

277/aSFC

 

 

ANALYST:

Smith

 

APPROPRIATION

 

Appropriation Contained

Estimated Additional Impact

Recurring

or Non-Rec

Fund

Affected

FY03

FY04

FY03

FY04

 

 

$200.0

 

 

 

Non-Recurring

General Fund

 

 

 

 

 

 

(Parenthesis ( ) Indicate Expenditure Decreases)

 

SOURCES OF INFORMATION

 

LFC

 

SUMMARY

 

     Synopsis of SFC Amendment

 

The Senate Finance Committee amendment makes the following changes:

 

  • Increases the commission to 21 members.
  • Provides for five members from the House of Representatives and five members from the Senate.
  • Upon the request of the chair of the commission, the appointing authority shall replace the public member who has failed to attend three meetings.
  • Requires the commission to submit a report of its findings, including specific recommendations and proposed legislation, to the Governor and Legislature no later than September 1, 2003.

 

     Synopsis of Original Bill

 

Senate Bill 277 creates the Blue Ribbon Tax Reform Commission. The commission shall consist of 17 members. Three shall be appointed by the Speaker of the House and three shall be appointed by the President Pro Tempore of the Senate. Party affiliations shall be in the proportions


prevailing in the respective houses. Eleven members will be appointed by the Governor, with at least one member representing municipal governments, one member representing county government and one member representing Native American tribes, pueblos and nations.

 

The purpose of the committee is to make recommendations for the reform of New Mexico’s tax laws. The Commission may hire or contract with staff and hear testimony.

    

 The bill includes an emergency clause.

 

FISCAL IMPACT

 

SB 277 appropriates $200.0 from the general fund to the legislative council service for expenditures in 2003 and 2004 to carry out the provisions of the Act.  Any unexpended or unencumbered balances remaining at the end of fiscal year 2004 shall revert to the general fund.

 

SS/yr:sb:njw