0001|                            HOUSE BILL 437
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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|                          M. MICHAEL OLGUIN
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0005|     
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0006|                                   
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0007|     
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0008|                                   
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0009|     
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0010|                                AN ACT
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0011|     RELATING TO TAXATION; CREATING A NEW VOLUNTARY CHECK-OFF
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0012|     DESIGNATION OF TAX REFUNDS ON THE STATE INCOME TAX FORM FOR THE
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0013|     UNITED STATES-NEW MEXICO OLYMPIC COMMITTEE.
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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.  A new Section 7-2-31.1 NMSA 1978 is enacted to
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0017|     read:
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0018|          "7-2-31.1.  [<u>NEW MATERIAL</u>]  OPTIONAL DESIGNATION OF TAX
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0019|     REFUND CONTRIBUTION FOR THE UNITED STATES-NEW MEXICO OLYMPIC
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0020|     COMMITTEE.--
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0021|               A.  Any individual whose state income tax liability
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0022|     after application of allowable credits and tax rebates in any
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0023|     year is lower than the amount of money held by the department
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0024|     to the credit of such individual for that tax year may
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0025|     designate any portion of the income tax refund due him to be
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0001|     paid into the United States-New Mexico Olympic committee fund. 
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0002|     In the case of a joint return, both individuals must make such
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0003|     designation.
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0004|               B.  The department shall revise the state income tax
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0005|     form to allow the designation of contributions pursuant to
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0006|     Subsection A of this section in substantially the following
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0007|     form:
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0008|               "United States-New Mexico Olympic Committee Fund--
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0009|          Check if you wish to contribute a part or all of
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0010|          your tax refund to the United States-New Mexico
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0011|          Olympic Committee Fund to pay for the training and
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0012|          development of athletes for Olympic games.  Enter
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0013|          here $_________ the amount of your contribution.".
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0014|               C.  The provisions of this section do not apply to
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0015|     income tax refunds subject to interception under the provisions
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0016|     of the Tax Refund Intercept Program Act, and any designation
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0017|     made under the provisions of this section to such refunds is
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0018|     void."
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0019|          Section 2.  A new section of the Tax Administration Act is
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0020|     enacted to read:
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0021|          "[<u>NEW MATERIAL</u>]  DISTRIBUTION--CONTRIBUTIONS TO THE
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0022|     UNITED STATES-NEW MEXICO OLYMPIC COMMITTEE.--A distribution
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0023|     pursuant to Section 7-1-6.1 NMSA 1978 shall be made to the
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0024|     state treasurer in an amount equal to the money designated
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0025|     pursuant to Section 7-2-31.1 NMSA 1978 as contributions to the
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0001|     United States-New Mexico Olympic committee.  The state
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0002|     treasurer within ten days of receipt of the money from the
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0003|     department shall remit the amount designated for the United
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0004|     States-New Mexico Olympic committee."
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0005|          Section 3.  APPLICABILITY.--The provisions of this act
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0006|     apply to taxable years beginning on or after January 1, 1997.
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0007|                                  
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