FORTY-SIXTH LEGISLATURESB 31/a

SECOND SESSION, 2004

February 16, 2004

Madam President:

    Your FINANCE COMMITTEE, to whom has been referred

SENATE BILL 31

has had it under consideration and reports same with recommendation that it DO NOT PASS, but that

SENATE FINANCE COMMITTEE SUBSTITUTE FOR

SENATE BILL 31

DO PASS, amended as follows:

    1. On page 6, between lines 2 and 3, insert the following new section:

    "Section 7. DELAYED REPEAL.--The Research and Development Small Business Tax Credit Act is repealed effective January 1, 2010.".

    2. Renumber the succeeding section accordingly.

                               Respectfully submitted,

                               __________________________________

                               Ben D. Altamirano, Chairman

Adopted_______________________ Not Adopted_______________________

          (Chief Clerk) (Chief Clerk)

                  Date ________________________

The roll call vote was 6 For 0 Against

Yes:      6

No:       0

Excused: Beffort, Carraro, Jennings, Tsosie

Absent:   None

SB0031FC1                                                  .151587.1