HOUSE JOINT MEMORIAL 51

50th legislature - STATE OF NEW MEXICO - first session, 2011

INTRODUCED BY

Richard D. Vigil

A JOINT MEMORIAL

REQUESTING THE TAXATION AND REVENUE DEPARTMENT AND THE DEPARTMENT OF TRANSPORTATION TO STUDY THE TAX IMPACT ON AFFECTED POLITICAL SUBDIVISIONS OF THE STATE'S PURCHASE OF RAILROAD TRACKS FROM THE BURLINGTON NORTHERN SANTA FE RAILROAD.

     WHEREAS, the state of New Mexico has entered into an agreement to purchase from Burlington Northern Santa Fe railroad the railroad tracks that run parallel to interstate 25; and 

     WHEREAS, the Burlington Northern Santa Fe railroad pays property taxes to the different political subdivisions of the state that are located along the railroad tracks; and

     WHEREAS, if the state of New Mexico completes the purchase of the railroad tracks, each of the affected political subdivisions will lose property tax revenue and the portion of the overall tax burden will shift proportionately to other taxpayers;

     NOW, THEREFORE, BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO that the taxation and revenue department and the department of transportation be requested to study the property tax impact on affected political subdivisions of the state's purchase of railroad tracks from the Burlington Northern Santa Fe railroad and to recommend an alternative revenue stream to replace the loss of tax revenue currently generated by the railroad for that section of railroad tracks; and

     BE IT FURTHER RESOLVED that a report of those findings and recommendations be presented to the appropriate interim legislative committee by October 2011; and

     BE IT FURTHER RESOLVED that copies of this memorial be transmitted to the governor and the secretaries of taxation and revenue and transportation.

- 2 -