0001|                               AN ACT
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0002| RELATING TO TAXATION; ABOLISHING THE SEVERANCE TAX INCOME FUND
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0003| AND TRANSFERRING ALL MONEY IN THAT FUND TO THE SEVERANCE TAX
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0004| PERMANENT FUND.
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0005| 
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0006| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0007|      Section 1.  Section 7-27-3 NMSA 1978 (being Laws 1973, Chapter 294, Section 2) is
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0008| amended to read:
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0009|      "7-27-3.  SEVERANCE TAX PERMANENT FUND CREATED.--There is created in
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0010| the state treasury the "severance tax permanent fund"."
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0011|      Section 2.  TEMPORARY PROVISION.--On the effective date of this act, the severance
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0012| tax income fund is abolished and all money in that fund is transferred to the severance tax
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0013| permanent fund.
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0014|      Section 3.  REPEAL.--Section 7-27-4 NMSA 1978 (being Laws 1973, Chapter 294,
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0015| Section 4, as amended) is repealed.
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0016|      Section 4.  EFFECTIVE DATE.--The provisions of this act shall become effective
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0017| upon certification by the secretary of state that the constitution of New Mexico has been
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0018| amended as proposed by a joint resolution of the forty-second legislature, second session,
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0019| entitled "A JOINT RESOLUTION PROPOSING AMENDMENTS TO ARTICLE 8,
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0020| SECTION 10 AND ARTICLE 12, SECTIONS 2, 4 AND 7 OF THE CONSTITUTION
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0021| OF NEW MEXICO TO PROTECT THE STATE'S PERMANENT FUNDS AGAINST
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0022| INFLATION BY LIMITING DISTRIBUTIONS TO A PERCENTAGE OF EACH
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0023| FUND'S MARKET VALUE AND BY MODIFYING CERTAIN INVESTMENT
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0024| RESTRICTIONS TO ALLOW OPTIMAL DIVERSIFICATION OF INVESTMENTS.".   
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0025|              
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