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 a vailable 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 Whitaker

DATE TYPED 02/25/05 HB 431/a HTRC

SHORT TITLE Municipality Access to Gross Receipts Info

SB

ANALYST Padilla-Jackson

REVENUE

Estimated Revenue

Subsequent

Years Impact

Recurring

or Non-Rec

Fund

Affected

FY05

FY06

NFI

(Parenthesis ( ) Indicate Revenue Decreases)

SOURCES OF INFORMATION

LFC Files

Responses Received From

Taxation and Revenue Department (TRD)

FOR THE REVENUE STABILIZATION AND TAX POLICY COMMITTEE

SUMMARY

Synopsis of Bill

House Bill 431 amends the confidentiality statutes regarding taxpayer information to allow a

municipality of New Mexico, upon its request, to obtain information on gross receipts and gross

receipts taxes paid and allows the public access to information regarding rulings by hearing offi-

cers. Current law permits the municipality to receive names, taxpayer identification numbers

and addresses of registered gross receipts taxpayers reporting gross receipts for that municipality.

No effective date was specified.

FISCAL IMPLICATIONS

There are no fiscal impacts associated with this bill.

ADMINISTRATIVE IMPLICATIONS

TRD cautions that there could be substantial administrative impacts on the department if the

bill’s provisions are interpreted to require the department to provide detailed reports to munici-

palities on their monthly tax distributions. Depending on the distribution mechanism of such re-

ports, the bill may require as much as 0.5 FTE or an investment in new information systems.

OPJ/sb