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F I S C A L I M P A C T R E P O R T

SPONSOR Garcia, MJ

ORIGINAL DATE

LAST UPDATED

2-14-06

2/15/06 HB

SHORT TITLE Income Tax Credit Impact on Cultural Property

SB 73

ANALYST Segura

APPROPRIATION (dollars in thousands)

Appropriation

Recurring

or Non-Rec

Fund

Affected

FY06

FY07

$75.0

Recurring

General Fund

(Parenthesis ( ) Indicate Expenditure Decreases)

SOURCES OF INFORMATION

LFC Files

No response from Cultural Affairs Department (DCA)

SUMMARY

Senate Bill 73 appropriates general fund to Cultural Affairs Department for the Historic Preser-

vation division to contract for an analysis of the economic impact of the New Mexico income tax

credit for preservation of cultural properties.

FISCAL IMPLICATIONS

Senate Bill 73 appropriates $75.0 from the general fund and is recurring. Any unexpended or un-

encumbered balance remaining at the end of fiscal year 2007 shall revert to the general fund.

ADMINISTRATIVE IMPLICATIONS

The DCA would administer the analysis, and work with the Taxation and Revenue Department

to meet the intent of the legislation.

RS/mt