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committees of the NM Legislature. The LFC does not assume responsibility for the accuracy of these reports
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F I S C A L I M P A C T R E P O R T
SPONSOR Sandoval
ORIGINAL DATE
LAST UPDATED
2/2/08
HB 599
SHORT TITLE Tax Refund Contribution Corrections
SB
ANALYST Francis
APPROPRIATION (dollars in thousands)
Appropriation
Recurring
or Non-Rec
Fund
Affected
FY08
FY09
NFI
(Parenthesis ( ) Indicate Expenditure Decreases)
SOURCES OF INFORMATION
LFC Files
Responses Received From
Taxation and Revenue Department (TRD)
Department of Military Affairs (DMA)
SUMMARY
Synopsis of Bill
House Bill 599 does two things:
•
Redirects distributions of contributions from the personal income tax form optional checkoff
that allows taxpayers to contribute a portion of their tax refund to benefit members of the
National Guard and their families activated for service in the global war on terrorism.
HB599 changes the agency from Department of Veterans’ Services to Department of
Military Affairs (DMA).
•
Directs TRD to distribute all money currently in the temporary suspense account attributable
to contributions for National Guard members and their families from the personal income tax
form optional contribution check-off to DMA.
There is an emergency clause so the provisions will be effective upon signature of the Governor.
FISCAL IMPLICATIONS
TRD reports no fiscal impact with these changes.