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 Rawson

DATE TYPED 03/09/05 HB

SHORT TITLE Permanently Abolish Death Tax

SB SM 18/a SRC

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

None.

SUMMARY

Synopsis of Bill

The Senate Rules Committee has amended Senate Memorial 18. The amended memorial re-

places the word “death” and replaces it with “estate”, with reference to the federal tax. The me-

morial encourages the New Mexico congressional delegation to support, work to pass and vote

for the immediate and permanent repeal of the “estate” tax.

Significant Issues

The memorial notes that the “estate” tax was temporarily phased out but not permanently elimi-

nated under tax relief legislation passed in 2001.

FISCAL IMPLICATIONS

There are no fiscal implications to state funds associated with this memorial.

OPJ/lg