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 NM Legislative Website (legis.state.nm.us). Adobe PDF versions include all attachments, whereas HTML versions may 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	Smith		DATE TYPED	02/09/04		HB
SHORT TITLE		Hospital Property Compensating Tax Deduction				SB	528
					ANALYST		Neel

REVENUE

Estimated Revenue		Subsequent Years Impact	Recurring or Non-Rec	Fund Affected
FY04	FY05
			Recurring	General Fund
			Recurring	Local Government

(Parenthesis ( ) Indicate Revenue Decreases)

SOURCES OF INFORMATION

LFC Files

Responses Received From

No Response Received from:

Taxation and Revenue Department (TRD)

SUMMARY

Synopsis of Bill

Senate Bill 528 enacts a new section of the Gross Receipts and Compensating Tax Act for a compensating tax deduction for property used by hospitals licensed by the department of health; hospitals in counties with a population greater than 300,000 are excluded from the deduction (Bernalillo County).

Significant Issues

FISCAL IMPLICATIONS

Figures from TRD are required to assess the fiscal impact of this bill. Once a TRD analysis is forthcoming figures included in this FIR will be updated.

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