HOUSE BILL 12

47th legislature - STATE OF NEW MEXICO - first special session, 2005

INTRODUCED BY

Thomas A. Anderson

AN ACT

RELATING TO TAXATION; PROVIDING FOR A TAX REBATE FOR A PORTION OF TAXES IMPOSED FOR THE 2005 TAXABLE YEAR TO A PERSON THAT SUBMITS TO THE TAXATION AND REVENUE DEPARTMENT CERTAIN NATURAL GAS HEATING AND COOLING COST INFORMATION; DECLARING AN EMERGENCY.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

     Section 1. A new section of the Income Tax Act is enacted to read:

     "[NEW MATERIAL] TAX REBATE--2005 TAXABLE YEAR.--

          A. Any person who files an individual New Mexico income tax return and who is not a dependent of another individual may claim a tax rebate during the 2005 taxable year in an amount not to exceed two hundred dollars ($200) of the state and local taxes to which the person has been subject during the 2005 taxable year if that person submits to the department with the income tax return a copy of a heating and cooling bill from a natural gas provider in New Mexico:

                (1) for any billing period that occurs during the last four months of the 2005 taxable year; and

                (2) addressed to that person, to a sole proprietorship owned by that person or to a partnership of which the person is a member.

          B. A tax rebate may be claimed pursuant to this section even if the person has no income taxable pursuant to the Income Tax Act.

          C. A person may claim a tax rebate pursuant to this section up to an amount of two hundred dollars ($200) for each different physical location for which a natural gas provider in New Mexico has addressed a heating and cooling bill to that person, to a sole proprietorship owned by that person or to a partnership of which the person is a member.  

          D. A person who otherwise qualifies and claims a rebate with respect to a heating or cooling bill from a natural gas provider in New Mexico addressed to a partnership of which the person is a member may claim a rebate only in proportion to the person's interest in the partnership. The total credit claimed by all members of the partnership shall not exceed two hundred dollars ($200) in the aggregate with respect to a heating or cooling bill addressed to a partnership for each single physical location.

          E. For purposes of this section, "dependent" means "dependent" as defined by Section 152 of the Internal Revenue Code."

     Section 2. A new section of the Corporate Income and Franchise Tax Act is enacted to read:

     "[NEW MATERIAL] TAX REBATE--2005 TAXABLE YEAR.--

          A. Any person who files a New Mexico corporate income tax return may claim a tax rebate during the 2005 taxable year in an amount not to exceed two hundred dollars ($200) of the state and local taxes to which the person has been subject during the 2005 taxable year if that person submits to the department with the corporate income tax return a copy of a heating and cooling bill from a natural gas provider in New Mexico addressed to that person for any billing period that occurs during the last four months of the 2005 taxable year. A tax rebate may be claimed pursuant to this section even if the person has no income taxable pursuant to the Corporate Income and Franchise Tax Act.

          B. A person may claim a tax rebate pursuant to this section up to an amount of two hundred dollars ($200) for each different physical location for which a natural gas provider in New Mexico has addressed a heating and cooling bill to that person."

     Section 3. APPLICABILITY.--The provisions of this act apply to the taxable year beginning on January 1, 2005 and ending on December 31, 2005.

     Section 4. EMERGENCY.--It is necessary for the public peace, health and safety that this act take effect immediately.

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