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F I S C A L I M P A C T R E P O R T
SPONSOR M. Sanchez
DATE TYPED 02/26/05 HB
SHORT TITLE Study Disadvantages Of NM Tax Structure
SB SJM 46
ANALYST Padilla-Jackson
REVENUE
Estimated Revenue
Subsequent
Years Impact
Recurring
or Non-Rec
Fund
Affected
FY05
FY06
NFI
NFI
(Parenthesis ( ) Indicate Revenue Decreases)
SOURCES OF INFORMATION
LFC Files
Responses received from
Economic Development Department (EDD)
SUMMARY
Synopsis of Bill
Senate Joint Memorial 46 requests that the Taxation and Revenue Department conduct a study of
the perceived competitive disadvantage realized by New Mexico businesses as a result of the
state’s gross receipts and compensating tax structure. The memorial requests that a written re-
port, including findings and recommendations to address these competitive disadvantages, be
produced and delivered the appropriate legislative interim committee by December 31, 2005.
PERFORMANCE IMPLICATIONS
TRD would have to allocate resources for such a study, though TRD’s response was not avail-
able when this FIR was written.
FISCAL IMPLICATIONS
There is no significant fiscal impact associated with this memorial