FORTY-SEVENTH LEGISLATURE

SECOND SESSION, 2006

February 11, 2006

Mr. Speaker:

    Your TAXATION AND REVENUE COMMITTEE, to whom has been referred

HOUSE BILL 111, as amended

has had it under consideration and reports same with recommendation that it DO PASS, amended as follows:

     1. On page 1, lines 16 and 17, strike "A GROSS RECEIPTS TAX DEDUCTION" and insert in lieu thereof "GROSS RECEIPTS TAX DEDUCTIONS".

     2. On page 3, line 23, after "operation" insert "and thereafter".

     3. On page 10, line 2, after "New Mexico" insert a comma and "as determined by the public regulation commission".

     4. On page 11, line 10, strike the comma and on line 11, strike "regulatory".

     5. On page 11, line 22, after "and" insert "the public regulation commission and".

     6. On page 15, line 9, after "customers" insert "as determined by the public regulation commission".

     7. On page 23, line 4, after "governor" insert a comma and "to the public regulation commission".

     8. On page 23, strike lines 9 through 17 in their entirety and insert in lieu thereof:

     "DEDUCTION--GROSS RECEIPTS--EQUIPMENT FOR CERTAIN ELECTRIC TRANSMISSION OR STORAGE FACILITIES.--Receipts from selling equipment to the New Mexico renewable energy transmission authority or an agent or lessee of the authority may be deducted from gross receipts if the equipment is installed as part of an electric transmission facility or an interconnected storage facility acquired by the authority pursuant to the New Mexico Renewable Energy Transmission Authority Act."

     Section 17. A new section of the Gross Receipts and Compensating Tax Act is enacted to read:

     "DEDUCTION--GROSS RECEIPTS--SERVICES PROVIDED FOR CERTAIN ELECTRIC TRANSMISSION AND STORAGE FACILITIES.--Receipts from providing services to the New Mexico renewable energy transmission authority or an agent or lessee of the authority for the planning, installation, repair, maintenance or operation of an electric transmission facility or an interconnected storage facility acquired by the authority pursuant to the New Mexico Renewable Energy Transmission Authority Act may be deducted from gross receipts."".

     9. Renumber the succeeding section accordingly.,

and thence referred to the APPROPRIATIONS AND FINANCE COMMITTEE.                            

                             Respectfully submitted,

Donald L. Whitaker, Chairman

Adopted     Not Adopted

           (Chief Clerk)                            (Chief Clerk)

Date

The roll call vote was 12 For 0 Against

Yes:      12

No:       0

Excused:  Gonzales, Harrison, Nunez, Rehm

Absent:   None

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