HOUSE BILL 728

48th legislature - STATE OF NEW MEXICO - first session, 2007

INTRODUCED BY

Luciano "Lucky" Varela

AN ACT

RELATING TO TAXATION; INCREASING THE DISTRIBUTION FROM THE TAX ADMINISTRATION SUSPENSE FUND TO THE RETIREE HEALTH CARE FUND; MAKING AN APPROPRIATION.

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

     Section 1. Section 7-1-6.30 NMSA 1978 (being Laws 1990, Chapter 6, Section 20, as amended) is amended to read:

     "7-1-6.30. DISTRIBUTION--RETIREE HEALTH CARE FUND.--For the period ending June 30, [2002] 2008, a distribution pursuant to Section 7-1-6.1 NMSA 1978 shall be made to the retiree health care fund in [an] the amount [equal to one-twelfth of one hundred six percent of the total amount distributed to the retiree health care fund in the previous fiscal year] of one million two hundred fifty thousand dollars ($1,250,000). For the fiscal year beginning July 1, [2002] 2008 and subsequent fiscal years, a distribution pursuant to Section 7-1-6.1 NMSA 1978 shall be made to the retiree health care fund in an amount equal to one-twelfth of one hundred twelve percent of the total amount distributed to the retiree health care fund in the previous fiscal year."

     Section 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2007.

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