FIFTY-FIRST LEGISLATURESB 98/a

SECOND SESSION, 2014

February 17, 2014

Mr. President:

    Your CORPORATIONS AND TRANSPORTATION COMMITTEE, to whom has been referred

HOUSE BILL 98, as amended

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

    1. On page 1, line 11, strike "FOR AN EXEMPTION" and insert in

lieu thereof "A DEDUCTION".

    2. On page 1, line 13, strike "FOR AN EXEMPTION" and insert in

lieu thereof "A DEDUCTION".

    3. On page 1, line 19, strike "EXEMPTION" and insert in lieu

thereof "DEDUCTION".

    4. On page 1, line 21, after "A.", strike the remainder of the

line and insert in lieu thereof "Receipts".

    5. On page 1, line 24, before the period, insert "may be

deducted from gross receipts".

    6. On page 1, line 25, after "B.", strike up to "of" and

insert in lieu thereof "The value".

    7. On page 2, line 1, after "fuel", insert "used in New

Mexico".

    8. On page 2, line 3, strike the period and the ending

quotation mark and insert in lieu thereof the following:

    "may be deducted in computing compensating tax due.

         C. A taxpayer allowed a deduction pursuant to this section

shall report the amount of the deduction separately in a manner

required by the department.

         D. The department shall compile an annual report on the

deductions provided by this section that shall include the number of

taxpayers that claimed the deductions, the aggregate amount of

deductions claimed and any other information necessary to evaluate

the effectiveness of the deductions. Beginning in 2018 and every

five years thereafter that the deductions are in effect, the

department shall compile and present the annual reports to the

revenue stabilization and tax policy committee and the legislative

finance committee with an analysis of the cost and benefit to the

state of the deductions."". ,

and thence referred to the JUDICIARY COMMITTEE.

                               Respectfully submitted,

                               ___________________________________

                               SENATOR PHIL A. GRIEGO, CHAIRMAN

Adopted_______________________ Not Adopted_______________________

          (Chief Clerk) (Chief Clerk)

                  Date ________________________

The roll call vote was 9 For 0 Against

Yes:     9

No:      0

Excused: Keller

Absent:  None

HB0098CT1.wpd                                              .197039.1