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F I S C A L I M P A C T R E P O R T
SPONSOR SFC
ORIGINAL DATE
LAST UPDATED
1/23/06
2/6/06 HB
SHORT TITLE Jet Fuel Gross Receipts Deductions
SB 9/SFCS/aSFl#1
ANALYST Schardin
REVENUE (dollars in thousands)
Estimated Revenue
Recurring
or Non-Rec
Fund
Affected
FY06
FY07
FY08
(330.0) Recurring State Aviation Fund
(200.0) Recurring Local Governments
(Parenthesis ( ) Indicate Expenditure Decreases)
SOURCES OF INFORMATION
LFC Files
Responses Received From
Department of Transportation (DOT)
Taxation and Revenue Department (TRD)
SUMMARY
Synopsis of SFl#1 Amendment
Senate Floor Amendment 1 deletes Section 1 of the Senate Finance Committee substitute for
Senate Bill 9, which contained a drafting error.
Synopsis of Bill
The Senate Finance Committee substitute for Senate Bill 9 amends Sections 7-1-6.7, 7-9-83, and
7-9-84 NMSA 1978 to extend the current 55 percent gross receipts and compensating tax deduc-
tions for receipts from the sale of jet fuel permanent through the end of FY12, after which the
deduction will fall to 40 percent. Under current law, this 55 percent deduction is scheduled to fall
to 40 percent at the beginning of FY08.
The provisions the bill will become effective July 1, 2006.