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.
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F I S C A L I M P A C T R E P O R T
SPONSOR Smith
ORIGINAL DATE
LAST UPDATED
1/24/06
2/10/06 HB
SHORT TITLE Underground Irrigation Tool Gross Receipts
SB 46/aSFC
ANALYST Schardin
REVENUE (dollars in thousands)
Estimated Revenue
Recurring
or Non-Rec
Fund
Affected
FY06
FY07
FY08
(110.3)
(331.0)
(331.0) Recurring
General Fund
(73.6)
(221.0)
(221.0) Recurring Local Governments
(Parenthesis ( ) Indicate Expenditure Decreases)
Duplicates HB316 and HB 448.
SOURCES OF INFORMATION
LFC Files
Responses Received From
Taxation and Revenue Department (TRD)
SUMMARY
Synopsis of SFC Amendment
The Senate Finance Committee amendment to Senate Bill 46 adds an emergency clause to the
bill so that it will become effective upon receiving the governor’s signature.
Synopsis of Original Bill
Senate Bill 46 amends Section 7-9-62 NMSA 1978 to expand the definition of agricultural im-
plements that receive a 50 percent deduction from gross receipts tax to include above and below-
ground produce irrigation systems that are used at a place where produce is grown.
The amended bill carries an emergency clause, so it is estimated to be for the last four months of
FY06.