0001| HOUSE BILL 43
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0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003| INTRODUCED BY
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0004| JERRY W. SANDEL
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0005|
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0006|
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0007|
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0008| FOR THE REVENUE STABILIZATION AND TAX POLICY COMMITTEE
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0009|
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0010| AN ACT
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0011| RELATING TO MEDICAL CARE SAVINGS ACCOUNTS; CHANGING PROVISIONS
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0012| PERTAINING TO THE INCOME TAX EXEMPTION FOR MEDICAL CARE SAVINGS
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0013| ACCOUNTS.
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0014|
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0015| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0016| Section 1. Section 7-2-5.6 NMSA 1978 (being Laws 1995,
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0017| Chapter 93, Section 8) is amended to read:
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0018| "7-2-5.6. EXEMPTION--MEDICAL CARE SAVINGS ACCOUNTS.--
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0019| Except as provided in this section and in Section [6 of this
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act] 59A-23D-6 NMSA 1978, employer and employee
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0021| contributions to medical care savings accounts established
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0022| pursuant to the Medical Care Savings Account Act, the interest
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0023| earned on those accounts and money reimbursed to an employee
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0024| for eligible medical expenses from those accounts or money
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0025| advanced to the employee by the employer for eligible medical
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0001| expenses pursuant to that act are exempt from taxation. If any
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0002| such contribution, interest or reimbursement, or portion
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0003| thereof, is excludable from income or deductible from gross
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0004| income for federal income tax purposes, then net income shall
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0005| be reduced only by the amount the contribution, interest or
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0006| reimbursement exceeds the amount excluded or deducted from that
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0007| gross income.
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0008| Section 2. APPLICABILITY.--The provisions of this act
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0009| apply to taxable years beginning on or after January 1, 1997.
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0010| State of New Mexico
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0011| House of Representatives
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0012|
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0013| FORTY-THIRD LEGISLATURE
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0014| FIRST SESSION, 1997
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0015|
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0016|
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0017| February 26, 1997
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0018|
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0019|
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0020| Mr. Speaker:
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0021|
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0022| Your TAXATION AND REVENUE COMMITTEE, to whom has
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0023| been referred
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0024|
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0025| HOUSE BILL 43
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0001|
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0002| has had it under consideration and reports same with
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0003| recommendation that it DO PASS, amended as follows:
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0004|
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0005| 1. On page 1, line 13, before the period insert "; LIMITING
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0006| EMPLOYEE CONTRIBUTIONS TO MEDICAL CARE SAVINGS ACCOUNTS".
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0007|
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0008| 2. On page 2, between lines 6 and 7, insert the following
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0009| section:
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0010|
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0011| "Section 2. Section 59A-23D-3 NMSA 1978 (being Laws 1995,
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0012| Chapter 93, Section 3) is amended to read:
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0013|
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0014| "59A-23D-3. ACCOUNT ADMINISTRATOR--REGISTRATION WITH
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0015| DEPARTMENT--DEPARTMENT POWERS AND DUTIES.--
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0016|
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0017| A. An account administrator shall register with the
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0018| department and pay a registration fee of twenty-five dollars
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0019| ($25.00). The registration fee shall be deposited in the general
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0020| fund. Registration as an account administrator does not affect
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0021| the regulation of a bank, savings and loan association, credit
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0022| union, trust company or insurance company as otherwise provided
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0023| by law.
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0024|
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0025| B. An account administrator shall provide to the
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0001| department annually a list of the employers for whom it provides
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0002| account administration and the number of employees and
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0003| dependents for whom it administers accounts. The information
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0004| shall be provided in the form requested by the department. The
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0005| department may request other information it deems appropriate
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0006| from the account administrator; provided, however, that the
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0007| department shall not request any information about an individual
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0008| employee or dependent unless a complaint has been filed with the
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0009| department by that employee or dependent and the information is
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0010| required to investigate the complaint.
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0011|
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0012| C. The department may receive, investigate and settle
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0013| complaints about medical care savings accounts and account
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0014| administrators or it may refer complaints to other appropriate
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0015| agencies.
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0016|
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0017| D. The department shall adjust annually the maximum
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0018| deductible for qualified higher deductible health plans to
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0019| reflect the last known increase in the medical care component of
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0020| the consumer price index published by the United States
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0021| department of labor. For 1995, the maximum deductible shall not
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0022| be less than one thousand dollars ($1,000) and not more than
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0023| three thousand dollars ($3,000).
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0024|
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0025| E. The department may adjust annually the maximum
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0001| employer contribution to reflect the last known increase in the
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0002| medical care component of the consumer price index. For 1995,
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0003| the employer's contribution shall not exceed three thousand
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0004| dollars ($3,000). Any contribution by an employee shall not
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0005| exceed the maximum employer's contribution allowed by the
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0006| department."".
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0007|
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0008| 3. Renumber the succeeding section accordingly.
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0009|
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0010| Respectfully submitted,
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0011|
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0012|
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0013|
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0014|
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0015|
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0016| Jerry W. Sandel, Chairman
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0017|
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0018|
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0019| Adopted Not Adopted
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0020|
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0021| (Chief Clerk) (Chief Clerk)
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0022|
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0023| Date
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0024|
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0025| The roll call vote was 9 For 0 Against
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0001| Yes: 9
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0002| Excused: Gubbels, Porter, Sandoval, Stell
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0003| Absent: None
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0004|
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0005| .117716.1
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0006| G:\BILLTEXT\BILLW_97\H0043
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0007|
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0008| FORTY-THIRD LEGISLATURE
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0009| FIRST SESSION, 1997
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0010|
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0011|
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0012| March 19, 1997
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0013|
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0014| Mr. President:
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0015|
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0016| Your WAYS AND MEANS COMMITTEE, to whom has been
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0017| referred
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0018|
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0019| HOUSE BILL 43, as amended
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0020|
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0021| has had it under consideration and reports same with
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0022| recommendation that it DO PASS, and thence referred to the
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0023| FINANCE COMMITTEE.
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0024|
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0025| Respectfully submitted,
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0001|
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0002|
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0003|
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0004|
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0005| __________________________________
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0006| Carlos R. Cisneros, Chairman
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0007|
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0008|
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0009|
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0010| Adopted_______________________ Not
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0011| Adopted_______________________
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0012| (Chief Clerk) (Chief Clerk)
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0013|
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0014|
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0015| Date ________________________
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0016|
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0017|
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0018| The roll call vote was 7 For 0 Against
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0019| Yes: 7
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0020| No: 0
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0021| Excused: Duran, McSorley
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0022| Absent: None
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0023|
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0024|
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0025| H0043WM1
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0001|
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0002|
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0003|
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0004| FORTY-THIRD LEGISLATURE
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0005| FIRST SESSION, 1997
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0006|
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0007|
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0008| March 20, 1997
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0009|
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0010| Mr. President:
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0011|
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0012| Your FINANCE COMMITTEE, to whom has been referred
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0013|
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0014| HOUSE BILL 43, as amended
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0015|
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0016| has had it under consideration and reports same with
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0017| recommendation that it DO PASS.
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0018|
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0019| Respectfully submitted,
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0020|
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0021|
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0022|
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0023|
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0024| __________________________________
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0025| Ben D. Altamirano, Chairman
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0001|
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0002|
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0003|
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0004| Adopted_______________________ Not
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0005| Adopted_______________________
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0006| (Chief Clerk) (Chief Clerk)
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0007|
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0008|
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0009|
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0010| Date ________________________
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0011|
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0012|
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0013| The roll call vote was 5 For 1 Against
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0014| Yes: 5
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0015| No: Lyons
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0016| Excused: Aragon, Eisenstadt, Ingle, McKibben, Smith
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0017| Absent: None
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0018|
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0019|
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0020| H0043FC1
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