HOUSE BILL 7

56th legislature - STATE OF NEW MEXICO - second session, 2024

INTRODUCED BY

Reena Szczepanski and Siah Correa Hemphill

and Meredith A. Dixon

 

 

 

 

AN ACT

RELATING TO TAXATION; ELIMINATING AN UPCOMING DECREASE IN A DISTRIBUTION TO THE HEALTH CARE AFFORDABILITY FUND.

 

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

     SECTION 1. Section 7-1-6.69 NMSA 1978 (being Laws 2021, Chapter 136, Section 1) is amended to read:

     "7-1-6.69. DISTRIBUTION--HEALTH INSURANCE PREMIUM SURTAX--HEALTH CARE AFFORDABILITY FUND.--A distribution pursuant to Section 7-1-6.1 NMSA 1978 shall be made to the health care affordability fund in an amount equal to [the following amounts] fifty-five percent of the net receipts attributable to the health insurance premium surtax; provided that if the rate of the health insurance premium surtax is reduced pursuant to Subsection F of Section 7-40-3 NMSA 1978, no distribution pursuant to this section shall be made.

          [A. beginning January 1, 2022 and prior to July 1, 2022, fifty-two percent;

          B. beginning July 1, 2022 and prior to July 1, 2024, fifty-five percent; and

          C. beginning July 1, 2024, thirty percent.]"

- 2 -