0001| HOUSE BILL 1327 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| MAX COLL | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO LOCAL GOVERNMENT; DIRECTING THE SECRETARY OF | 0012| TAXATION AND REVENUE TO ESTABLISH A SYSTEM FOR GATHERING AND | 0013| EVALUATING DATA TO DETERMINE THE IMPACT ON STATE AND LOCAL TAX | 0014| REVENUE RESULTING FROM THE CREATION AND DEVELOPMENT OF | 0015| INDUSTRIAL REVENUE BOND PROJECTS; DECLARING AN EMERGENCY. | 0016| | 0017| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0018| Section 1. DETERMINATION BY SECRETARY OF TAXATION AND | 0019| REVENUE OF TAX REVENUE IMPACT RESULTING FROM CREATION AND | 0020| DEVELOPMENT OF INDUSTRIAL REVENUE BOND PROJECTS.-- | 0021| A. The secretary of taxation and revenue shall | 0022| establish a computer-assisted tracking system to enable him to | 0023| determine the impact on state and local tax revenue resulting | 0024| from the creation and development of industrial revenue bond | 0025| projects in municipalities and counties. The system shall | 0001| include a database containing as a minimum: | 0002| (1) historical data covering the period from | 0003| the date an industrial revenue bond project is first proposed | 0004| to the date it is approved or disapproved; | 0005| (2) all information covering the issuance of | 0006| industrial revenue bonds for each project funded; | 0007| (3) values of property determined for property | 0008| taxation purposes of project property for five years preceding | 0009| the approval of the project and for all years following the | 0010| approval of the project; | 0011| (4) the dates of the transfer of any interest | 0012| in the project property, a description of the interest | 0013| transferred and identification of the transferor and transferee | 0014| of the interest for the periods of time specified in Paragraph | 0015| (3) of this subsection; | 0016| (5) the dates made, a description and | 0017| valuation of improvements to the project property during the | 0018| period from approval of a project until its completion; | 0019| (6) during the period from approval of a | 0020| project until its completion, property tax rates for all taxing | 0021| districts to which any property tax revenue is distributed or | 0022| would be distributed from property taxation of the project | 0023| property were it not for the exemption of the project property | 0024| form property taxation; | 0025| (7) the number of jobs and total payroll | 0001| created by an industrial revenue bond project with sufficient | 0002| detailed information to assure that these data are reliable and | 0003| can be related to specific time periods determined relevant and | 0004| specified by the secretary; and | 0005| (8) the increase and the rate of increase in | 0006| demand for governmental services annually during the period | 0007| from the approval of the project until its completion with | 0008| sufficient supporting detail to assure that these conclusions | 0009| are reasonably accurate and can be related to specific time | 0010| periods determined relevant and specified by the secretary. | 0011| B. State and local governmental agencies are | 0012| directed to cooperate with the secretary of taxation and | 0013| revenue by furnishing him requested data in an expeditious | 0014| manner to assist him in making the determination required | 0015| pursuant to Subsection A of this section. | 0016| C. The secretary of taxation and revenue shall make | 0017| his determination of the impact on state and local tax revenues | 0018| resulting from the creation and development of industrial | 0019| revenue bond projects and report it to the forty-third | 0020| legislature by December 31, 1997 together with any | 0021| recommendations for legislation to be enacted. | 0022| Section 2. EMERGENCY.--It is necessary for the public | 0023| peace, health and safety that this act take effect immediately. | 0024|  |