Fiscal impact
reports (FIRs) are prepared by the Legislative
Finance Committee (LFC) for standing finance committees of the NM Legislature. The
LFC does not assume responsibility for the accuracy of these reports if they
are used for other purposes.
Current FIRs (in HTML & Adobe PDF formats) are available on the
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obtained from the LFC in
|
SPONSOR |
Cisneros |
DATE TYPED |
|
HB |
|
||
|
SHORT
TITLE |
Amend |
SB |
358 |
||||
|
|
ANALYST |
Neel |
|||||
REVENUE
|
Estimated Revenue |
Subsequent Years Impact |
Recurring or
Non-Rec |
Fund Affected |
|
|
FY04 |
FY05 |
|
|
|
|
|
41,300.0 |
43,100.0 |
Recurring |
Local
Government |
(Parenthesis ( ) Indicate Revenue Decreases)
Relates to:
SB 88, Expand
HB 44, County Local Option Gross Receipts
LFC Files
Responses
Received From
Taxation
and Revenue Department (TRD)
Department
of Finance and Administration (DFA)
SUMMARY
Synopsis of Bill
Senate Bill 359 makes
the following changes to statute:
·
Removes
current sunset provisions stipulating that the initial imposition of the tax
shall be limited to a ten-year period, and subsequent impositions shall be
limited to five-year periods.
·
Removes
current sunset provisions stipulating that the initial and subsequent
impositions of the tax shall be limited to ten-year periods.
·
Expands
authority to impose this tax to all counties (currently, only Chaves, Dona Ana,
and
·
Removes
a stipulation that voters approve issuance of general obligation bonds to
finance construction of correctional facilities as a condition of imposing the
tax;
·
Removes
the current ten-year imposition limitation;
·
Removes
voter approval requirements for enactment of an ordinance imposing the
tax—although county voters may petition to bring the issue to election; and
·
Expands
allowable uses of the tax to permit use for operational expenses, as well as
capital.
Additionally
SB 358 adds provisions where the ordinance imposing the county correctional
gross receipts tax may be sent to voters for their approval.
FISCAL IMPLICATIONS
TRD provided the
following assumptions:
The fiscal impact illustrates the total additional revenue potential if
all counties were to impose the additional tax increments authorized by this
bill. The countywide gross receipts tax base is expected
to be approximately $41.3 billion by FY 2005.
The table attached to page 3 of this report provides a county-by-county
illustration of potential revenue if provisions of this bill were in effect for
FY 2003.
SN/yr
|
Potential Revenue from County Correctional Facility GRT Fiscal Year 2003 |
||
|
|
|
|
|
|
Taxable |
Potential Revenue: |
|
|
Gross Receipts |
1/8% County Correctional |
|
County |
(FY 2003) |
GRT Increment |
|
|
|
|
Bernalillo
|
13,802,000,000 |
17,260,000 |
|
Catron |
26,000,000 |
40,000 |
|
Chaves |
845,000,000 |
N/A |
|
|
216,000,000 |
280,000 |
|
Colfax |
248,000,000 |
320,000 |
|
Curry |
629,000,000 |
780,000 |
|
De Baca |
21,000,000 |
20,000 |
|
Dona Ana |
2,302,000,000 |
N/A |
|
Eddy |
1,247,000,000 |
1,560,000 |
|
Grant |
370,000,000 |
460,000 |
|
Guadalupe |
80,000,000 |
100,000 |
|
Harding |
9,000,000 |
20,000 |
|
|
76,000,000 |
100,000 |
|
Lea |
1,344,000,000 |
1,680,000 |
|
|
474,000,000 |
600,000 |
|
|
748,000,000 |
940,000 |
|
Luna |
273,000,000 |
340,000 |
|
McKinley |
890,000,000 |
1,120,000 |
|
Mora |
25,000,000 |
40,000 |
|
Otero |
653,000,000 |
820,000 |
|
Quay |
118,000,000 |
140,000 |
|
|
444,000,000 |
560,000 |
|
|
205,000,000 |
260,000 |
|
Sandoval |
862,000,000 |
1,080,000 |
|
|
2,747,000,000 |
3,440,000 |
|
San Miguel |
287,000,000 |
360,000 |
|
|
3,224,000,000 |
4,040,000 |
|
Sierra |
125,000,000 |
160,000 |
|
Socorro |
143,000,000 |
180,000 |
|
|
523,000,000 |
660,000 |
|
|
142,000,000 |
180,000 |
|
|
64,000,000 |
80,000 |
|
|
542,000,000 |
N/A |
|
|
|
|
|
All Counties |
33,704,000,000 |
37,620,000 |