FORTY-EIGHTH LEGISLATURESB 317/a

FIRST SESSION, 2007

February 26, 2007

Madam President:

    Your FINANCE COMMITTEE, to whom has been referred

SENATE BILL 317, as amended

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

    1. Strike Senate Corporations and Transportation Committee Amendment 4.

    2. On page 14, strike lines 12 through 25, and on page 15, strike lines 1 through 4 and insert in lieu thereof the following subsections:

         "A. A resident who files an individual New Mexico income tax return may claim a credit in an amount equal to seven and one-half percent of the federal income tax credit for which that individual is eligible for the same taxable year pursuant to Section 32 of the Internal Revenue Code. The credit provided in this section may be referred to as the "working families tax credit".

         B. The working families tax credit may be deducted from the income tax liability of an individual who claims the credit and qualifies for the credit pursuant to this section. If the credit exceeds the individual's income tax liability for the taxable year, the excess shall be refunded to the individual."".

                               Respectfully submitted,

                               __________________________________

                               John Arthur Smith, Co-Chairman

Adopted_______________________ Not Adopted_______________________

          (Chief Clerk) (Chief Clerk)

                  Date ________________________

The roll call vote was 6 For 0 Against

Yes:     6

No:      0

Excused: Campos, Leavell, Rawson, Rodriguez

Absent:  None

SB0317FC1                                                  .168146.1