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
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Previously issued FIRs and attachments may also be obtained from the LFC
in
F I S C A
L I M P A
C T R E P O R T
|
SPONSOR |
|
DATE TYPED |
|
HB |
376/aHGUAC |
||
|
SHORT
TITLE |
Amend Small Counties Assistance Act |
SB |
|
||||
|
|
ANALYST |
Gilbert |
|||||
APPROPRIATION
|
Appropriation
Contained |
Estimated
Additional Impact |
Recurring or
Non-Rec |
Fund Affected |
||
|
FY04 |
FY05 |
FY04 |
FY05 |
||
|
|
|
|
|
Recurring |
General
Fund |
(Parenthesis ( ) Indicate Revenue Decreases)
SOURCES
OF INFORMATION
LFC Files
Response
Received From
Attorney
General’s Office (AGO)
No
Response From
Taxation
and Revenue Department (TRD)
SUMMARY
Synopsis of HGUAC
Amendment
The House Government and Urban Affairs Committee
(HGUAC) amendment to House Bill 376 makes the following change to §4-61-3D NMSA
1978:
D.
The distribution amount for each qualifying county shall be determined for 2003
and each subsequent year in accordance with the following table; provided that
the bracket amounts in the first two columns of the table shall be adjusted
annually after 2003 by the adjustment factor.
If
the county's total valuation for the preceding property tax year is:
|
at least: |
but less than: |
and the county population is: |
then the distribution
amount is: |
|
$230,000,000 |
$1,400,000,000 |
under 48,000 |
$ $ 50,000 |
Synopsis of Original
Bill
House Bill 376 amends the Small Counties
Assistance Act, Section 4-61-2 NMSA 1978, by changing the formula by which the
distribution amounts from the small counties assistance fund to qualifying
counties are calculated. To determine
ceiling valuation for the property tax year, it eliminates reference to the
assessed values determined pursuant the Oil and Gas Ad Valorem
Production Tax Act, Oil and Gas Production Equipment Ad Valorem
Tax Act, or the taxable value determined pursuant to the Copper Production Ad Valorem Tax Act.
Significant Issues
HB 376 may encourage growth in smaller counties, without
impacting their distribution from the small counties assistance fund.
FISCAL IMPLICATIONS
The Taxation and Revenue Department (TRD) failed
to respond to a January 30th LFC request for a bill analyses for HB
376. This fiscal impact report will be updated when additional information is
received from TRD.
OTHER SUBSTANTIVE ISSUES
According to the AGO, it should be noted that
pursuant to NMSA 1978, § 12-2A-10(A), any later-enacted statute amending the
same statutory sections in this bill would govern over the provisions contained
herein.
RLG/lg:yr