SENATE BILL 6

53rd legislature - STATE OF NEW MEXICO - first special session, 2017

INTRODUCED BY

William E. Sharer

AN ACT

MAKING AN APPROPRIATION TO THE LEGISLATIVE COUNCIL SERVICE FOR A PROFESSIONAL STUDY OF THE NEW MEXICO GROSS RECEIPTS TAX; DECLARING AN EMERGENCY.

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

     SECTION 1. APPROPRIATION.--Four hundred thousand dollars ($400,000) is appropriated from the general fund to the legislative council service for expenditure in fiscal years 2017 and 2018 to contract with a professional organization that provides fact-based research and analysis on tax policy in New Mexico to estimate the gross receipts tax base, evaluate options for replacing or reforming the gross receipts tax and report the organization's findings to the interim revenue stabilization and tax policy committee and the legislative finance committee on or before August 31, 2017. Any unexpended or unencumbered balance remaining at the end of fiscal year 2018 shall revert to the general fund.

     SECTION 2. EMERGENCY.--It is necessary for the public peace, health and safety that this act take effect immediately.

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