0001| SENATE BILL 395
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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| RICHARD M. ROMERO
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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; AMENDING SECTION 7-2-18 NMSA 1978 (BEING
|
0012| LAWS 1977, CHAPTER 196, SECTION 1, AS AMENDED) TO EXPAND AND
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0013| INCREASE THE TAX REBATE FOR PROPERTY TAX DUE FOR CERTAIN
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0014| TAXPAYERS SIXTY-FIVE YEARS OF AGE AND OLDER.
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0015|
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0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017| Section 1. Section 7-2-18 NMSA 1978 (being Laws 1977,
|
0018| Chapter 196, Section 1, as amended) is amended to read:
|
0019| "7-2-18. TAX REBATE OF PROPERTY TAX DUE [WHICH] THAT
|
0020| EXCEEDS THE ELDERLY TAXPAYER'S MAXIMUM PROPERTY TAX LIABILITY--
|
0021| REFUND.--
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0022| A. Any resident who has attained the age of sixty-
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0023| five and files an individual New Mexico income tax return and
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0024| is not a dependent of another individual may claim a tax rebate
|
0025| for the taxable year for which the return is filed. The tax
|
0001| rebate shall be the amount of property tax due on the
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0002| resident's principal place of residence for the taxable year
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0003| [which] that exceeds the property tax liability indicated
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0004| by the table in Subsection F of this section, based upon the
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0005| taxpayer's modified gross income.
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0006| B. Any resident otherwise qualified under this
|
0007| section who rents a principal place of residence from another
|
0008| person may calculate the amount of property tax due by
|
0009| multiplying the gross rent for the taxable year by six percent.
|
0010| The tax rebate shall be the amount of property tax due on the
|
0011| taxpayer's principal place of residence for the taxable year
|
0012| [which] that exceeds the property tax liability indicated
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0013| by the table in Subsection F of this section, based upon the
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0014| taxpayer's modified gross income.
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0015| C. As used in this section, "principal place of
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0016| residence" [for purposes of this section] means the
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0017| resident's dwelling, whether owned or rented, and so much of
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0018| the land surrounding it, not to exceed five acres, as is rea-
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0019|
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0020| sonably necessary for use of the dwelling as a home and may
|
0021| consist of a part of a multi-dwelling or a multi-purpose
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0022| building and a part of the land upon which it is built.
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0023| D. No claim for the tax rebate provided in this
|
0024| section shall be allowed a resident who was an inmate of a
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0025| public institution for more than six months during the taxable
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0001| year or who was not physically present in New Mexico for at
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0002| least six months during the taxable year for which the tax
|
0003| rebate could be claimed.
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0004| E. A husband and wife who file separate returns for
|
0005| a taxable year in which they could have filed a joint return
|
0006| may each claim only one-half of the tax rebate that would have
|
0007| been allowed on a joint return.
|
0008| F. The tax rebate provided for in this section may
|
0009| be claimed in the amount of the property tax due each taxable
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0010| year [which] that exceeds the amount shown as property tax
|
0011| liability in the following table:
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0012| ELDERLY HOMEOWNERS' MAXIMUM PROPERTY TAX LIABILITY TABLE
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0013| Property Tax
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0014| Taxpayer's Modified Gross Income Liability
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0015| But Not
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0016| Over Over
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0017| $ 0 $1,000 $20
|
0018| 1,000 2,000 25
|
0019| 2,000 3,000 30
|
0020| 3,000 4,000 35
|
0021| 4,000 5,000 40
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0022| 5,000 6,000 45
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0023| 6,000 7,000 50
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0024| 7,000 8,000 55
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0025| 8,000 9,000 60
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0001| 9,000 10,000 75
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0002| 10,000 11,000 90
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0003| 11,000 12,000 105
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0004| 12,000 13,000 120
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0005| 13,000 14,000 135
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0006| 14,000 15,000 150
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0007| 15,000 16,000 [180] 165
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0008| 16,000 17,000 180
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0009| 17,000 18,000 195
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0010| 18,000 19,000 210
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0011| 19,000 20,000 225
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0012| 20,000 21,000 240
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0013| 21,000 22,000 255
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0014| 22,000 23,000 270
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0015| 23,000 24,000 285
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0016| 24,000 25,000 300.
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0017| G. If a taxpayer's modified gross income is zero,
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0018| the taxpayer may claim a tax rebate based upon the amount shown
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0019| in the first row of the table. The tax rebate provided for in
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0020| this section shall not exceed [two hundred fifty dollars
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($250)] six hundred fifty dollars ($650) per return, and, if
|
0022| a return is filed separately [which] that could have been
|
0023| filed jointly, the tax rebate shall not exceed [one hundred
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twenty-five dollars ($125)] three hundred twenty-five dollars
|
0025| ($325). No tax rebate shall be allowed any taxpayer whose
|
0001| modified gross income exceeds [sixteen thousand dollars
|
($16,000)] twenty-five thousand dollars ($25,000).
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0003| H. The tax rebate provided for in this section may
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0004| be deducted from the taxpayer's New Mexico income tax liability
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0005| for the taxable year. If the tax rebate exceeds the taxpayer's
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0006| income tax liability, the excess shall be refunded to the
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0007| taxpayer."
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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|
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0011|
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0012|
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0013| FORTY-THIRD LEGISLATURE
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0014| FIRST SESSION, 1997 SB 395/a
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0015|
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0016|
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0017|
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0018| February 12, 1997
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0019|
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0020| Mr. President:
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0021|
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0022| Your WAYS AND MEANS COMMITTEE, to whom has been
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0023| referred
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0024|
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0025| SENATE BILL 395
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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 2, line 4, after "F" insert "or G, as
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0006| appropriate,".
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0007|
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0008| 2. On page 2, line 13, after "F" insert "or G, as
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0009| appropriate,".
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0010|
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0011| 3. On page 3, line 7, strike "The" and insert in lieu
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0012| thereof "For taxpayers whose principal place of residence is in a
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0013| county that does not have in effect for the taxable year a
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0014| resolution in accordance with Subsection J of this section, the".
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0015|
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0016| 4. On page 4, line 6, remove the brackets and line-through
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0017| and strike the underscored "165" and insert in lieu thereof a
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0018| period.
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0019|
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0020| 5. On page 4, between lines 6 and 7, insert the following:
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0021|
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0022| "G. For taxpayers whose principal place of residence is
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0023| in a county that has in effect for the taxable year a resolution
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0024| in accordance with Subsection J of this section, the tax rebate
|
0025| provided for in this section may be claimed in the amount of the
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0001| property tax due each taxable year that exceeds the amount shown
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0002| as property tax liability in the following table:
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0003|
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0004|
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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|
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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| ELDERLY HOMEOWNER'S MAXIMUM PROPERTY TAX LIABILITY TABLE
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0016|
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0017| Property Tax
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0018| Taxpayer's Modified Gross Income Liability
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0019|
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0020| But Not
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0021| Over Over
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0022|
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0023| $ 0 $ 1,000 $ 20
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0024| 1,000 2,000 25
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0025| 2,000 3,000 30
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0001| 3,000 4,000 35
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0002| 4,000 5,000 40
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0003| 5,000 6,000 45
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0004| 6,000 7,000 50
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0005| 7,000 8,000 55
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0006| 8,000 9,000 60
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0007| 9,000 10,000 75
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0008| 10,000 11,000 90
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0009| 11,000 12,000 105
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0010| 12,000 13,000 120
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0011| 13,000 14,000 135
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0012| 14,000 15,000 150
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0013| 15,000 16,000 165".
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0014|
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0015| 6. Reletter the succeeding subsections accordingly.
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0016|
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0017| 7. On page 4, line 18, before "table" insert "appropriate".
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0018|
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0019| 8. On page 4, line 25, remove the brackets and line-through
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0020| and, after "($16,000)", insert "for taxpayers whose principal
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0021| place of residence is in a county that does not have in effect
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0022| for the taxable year a resolution in accordance with Subsection J
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0023| of this section and".
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0024|
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0025| 9. On page 5, line 1, before the period insert "for all
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0001| other taxpayers".
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0002|
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0003| 10. On page 5, between lines 6 and 7, insert the following
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0004| new subsection:
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0005|
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0006|
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0007|
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0008| "J. The board of county commissioners may adopt a
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0009| resolution authorizing otherwise qualified taxpayers whose
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0010| principal place of residence is in the county to claim the rebate
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0011| provided by this section in the amounts set forth in Subsection G
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0012| of this section. The resolution must also provide that the
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0013| county will reimburse the state for the additional amount of tax
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0014| rebates paid to such taxpayers over the amount that would have
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0015| been paid to such taxpayers under Subsection F of this section.
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0016| The resolution may apply to one or more taxable years. The
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0017| county must adopt the resolution and notify the department of the
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0018| adoption by no later than September 1 of the taxable year to
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0019| which the resolution first applies. The department shall
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0020| determine the additional amounts paid to taxpayers of the county
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0021| for each taxable year and shall bill the county for the amount at
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0022| the time and in the manner determined by the department. If the
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0023| county fails to pay any bill within thirty days, the department
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0024| may deduct the amount due from any amount to be transferred or
|
0025| distributed to the county by the state, other than debt
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0001| interceptions."".,
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0002|
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0003| and thence referred to the FINANCE COMMITTEE.
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0004|
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0005| Respectfully submitted,
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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| Carlos R. Cisneros, Chairman
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0011|
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0012|
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0013| Adopted_______________________ Not
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0014| Adopted_______________________
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0015| (Chief Clerk) (Chief Clerk)
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0016|
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0017| Date ________________________
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0018|
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0019| The roll call vote was 5 For 0 Against
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0020| Yes: 5
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0021| No: 0
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0022| Excused: Duran, Kidd, McSorley, Nava
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0023| Absent: None
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0024|
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0025| S0395SW1 .116414.1 SENATE FINANCE COMMITTEE SUBSTITUTE FOR
|
0001| SENATE BILL 395
|
0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997
|
0003|
|
0004|
|
0005|
|
0006|
|
0007|
|
0008|
|
0009|
|
0010| AN ACT
|
0011| RELATING TO TAXATION; AMENDING SECTION 7-2-18 NMSA 1978 (BEING
|
0012| LAWS 1977, CHAPTER 196, SECTION 1, AS AMENDED) TO AUTHORIZE
|
0013| COUNTIES TO PROVIDE FOR AN EXPANDED TAX REBATE FOR PROPERTY TAX
|
0014| DUE FOR CERTAIN TAXPAYERS SIXTY-FIVE YEARS OF AGE AND OLDER.
|
0015|
|
0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
|
0017| Section 1. Section 7-2-18 NMSA 1978 (being Laws 1977,
|
0018| Chapter 196, Section 1, as amended) is amended to read:
|
0019| "7-2-18. TAX REBATE OF PROPERTY TAX DUE [WHICH] THAT
|
0020| EXCEEDS THE ELDERLY TAXPAYER'S MAXIMUM PROPERTY TAX LIABILITY--
|
0021| REFUND.--
|
0022| A. Any resident who has attained the age of sixty-
|
0023| five and files an individual New Mexico income tax return and
|
0024| is not a dependent of another individual may claim a tax rebate
|
0025| for the taxable year for which the return is filed. The tax
|
0001| rebate shall be the amount of property tax due on the
|
0002| resident's principal place of residence for the taxable year
|
0003| [which] that exceeds the property tax liability indicated
|
0004| by the table in Subsection F or G, as appropriate, of this
|
0005| section, based upon the taxpayer's modified gross income.
|
0006| B. Any resident otherwise qualified under this
|
0007| section who rents a principal place of residence from another
|
0008| person may calculate the amount of property tax due by
|
0009| multiplying the gross rent for the taxable year by six percent.
|
0010| The tax rebate shall be the amount of property tax due on the
|
0011| taxpayer's principal place of residence for the taxable year
|
0012| [which] that exceeds the property tax liability indicated
|
0013| by the table in Subsection F or G, as appropriate, of this
|
0014| section, based upon the taxpayer's modified gross income.
|
0015| C. As used in this section, "principal place of
|
0016| residence" [for purposes of this section] means the
|
0017| resident's dwelling, whether owned or rented, and so much of
|
0018| the land surrounding it, not to exceed five acres, as is rea-
|
0019|
|
0020| sonably necessary for use of the dwelling as a home and may
|
0021| consist of a part of a multi-dwelling or a multi-purpose
|
0022| building and a part of the land upon which it is built.
|
0023| D. No claim for the tax rebate provided in this
|
0024| section shall be allowed a resident who was an inmate of a
|
0025| public institution for more than six months during the taxable
|
0001| year or who was not physically present in New Mexico for at
|
0002| least six months during the taxable year for which the tax
|
0003| rebate could be claimed.
|
0004| E. A husband and wife who file separate returns for a
|
0005| taxable year in which they could have filed a joint return may
|
0006| each claim only one-half of the tax rebate that would have been
|
0007| allowed on a joint return.
|
0008| F. [The] For taxpayers whose principal place of
|
0009| residence is in a county that does not have in effect for the
|
0010| taxable year a resolution in accordance with Subsection J of this
|
0011| section, the tax rebate provided for in this section may be
|
0012| claimed in the amount of the property tax due each taxable year
|
0013| [which] that exceeds the amount shown as property tax
|
0014| liability in the following table:
|
0015| ELDERLY HOMEOWNERS' MAXIMUM PROPERTY TAX LIABILITY TABLE
|
0016| Property Tax
|
0017| Taxpayer's Modified Gross Income Liability
|
0018| But Not
|
0019| Over Over
|
0020| $ 0 $ 1,000 $20
|
0021| 1,000 2,000 25
|
0022| 2,000 3,000 30
|
0023| 3,000 4,000 35
|
0024| 4,000 5,000 40
|
0025| 5,000 6,000 45
|
0001| 6,000 7,000 50
|
0002| 7,000 8,000 55
|
0003| 8,000 9,000 60
|
0004| 9,000 10,000 75
|
0005| 10,000 11,000 90
|
0006| 11,000 12,000 105
|
0007| 12,000 13,000 120
|
0008| 13,000 14,000 135
|
0009| 15,000 16,000 180.
|
0010| G. For taxpayers whose principal place of residence
|
0011| is in a county that has in effect for the taxable year a
|
0012| resolution in accordance with Subsection J of this section, the
|
0013| tax rebate provided for in this section may be claimed in the
|
0014| amount of the property tax due each taxable year that exceeds the
|
0015| amount shown as property tax liability in the following table:
|
0016| ELDERLY HOMEOWNERS' MAXIMUM PROPERTY TAX LIABILITY TABLE
|
0017| Property Tax
|
0018| Taxpayer's Modified Gross Income Liability
|
0019| But Not
|
0020| Over Over
|
0021| $ 0 $ 1,000 $ 20
|
0022| 1,000 2,000 25
|
0023| 2,000 3,000 30
|
0024| 3,000 4,000 35
|
0025| 4,000 5,000 40
|
0001| 5,000 6,000 45
|
0002| 6,000 7,000 50
|
0003| 7,000 8,000 55
|
0004| 8,000 9,000 60
|
0005| 9,000 10,000 75
|
0006| 10,000 11,000 90
|
0007| 11,000 12,000 105
|
0008| 12,000 13,000 120
|
0009| 13,000 14,000 135
|
0010| 14,000 15,000 150
|
0011| 15,000 16,000 165
|
0012| 16,000 17,000 180
|
0013| 17,000 18,000 195
|
0014| 18,000 19,000 210
|
0015| 19,000 20,000 225
|
0016| 20,000 21,000 240
|
0017| 21,000 22,000 255
|
0018| 22,000 23,000 270
|
0019| 23,000 24,000 285
|
0020| 24,000 25,000 300.
|
0021| [G.] H. If a taxpayer's modified gross income is
|
0022| zero, the taxpayer may claim a tax rebate based upon the amount
|
0023| shown in the first row of the appropriate table. The tax rebate
|
0024| provided for in this section shall not exceed two hundred fifty
|
0025| dollars ($250) per return, and, if a return is filed separately
|
0001| [which] that could have been filed jointly, the tax rebate
|
0002| shall not exceed one hundred twenty-five dollars ($125). No tax
|
0003| rebate shall be allowed any taxpayer whose modified gross income
|
0004| exceeds sixteen thousand dollars ($16,000) for taxpayers whose
|
0005| principal place of residence is in a county that does not have in
|
0006| effect for the taxable year a resolution in accordance with
|
0007| Subsection J of this section and twenty-five thousand dollars
|
0008| ($25,000) for all other taxpayers.
|
0009| [H.] I. The tax rebate provided for in this
|
0010| section may be deducted from the taxpayer's New Mexico income tax
|
0011| liability for the taxable year. If the tax rebate exceeds the
|
0012| taxpayer's income tax liability, the excess shall be refunded to
|
0013| the taxpayer.
|
0014| J. The board of county commissioners may adopt a
|
0015| resolution authorizing otherwise qualified taxpayers whose
|
0016| principal place of residence is in the county to claim the rebate
|
0017| provided by this section in the amounts set forth in Subsection G
|
0018| of this section. The resolution must also provide that the county
|
0019| will reimburse the state for the additional amount of tax rebates
|
0020| paid to such taxpayers over the amount that would have been paid
|
0021| to such taxpayers under Subsection F of this section. The
|
0022| resolution may apply to one or more taxable years. The county
|
0023| must adopt the resolution and notify the department of the
|
0024| adoption by no later than September 1 of the taxable year to which
|
0025| the resolution first applies. The department shall determine the
|
0001| additional amounts paid to taxpayers of the county for each
|
0002| taxable year and shall bill the county for the amount at the time
|
0003| and in the manner determined by the department. If the county
|
0004| fails to pay any bill within thirty days, the department may
|
0005| deduct the amount due from any amount to be transferred or
|
0006| distributed to the county by the state, other than debt
|
0007| interceptions."
|
0008| Section 2. APPLICABILITY.--The provisions of this act apply
|
0009| to taxable years beginning on or after January 1, 1997.
|
0010|
|
0011| SENATE FINANCE COMMITTEE SUBSTITUTE FOR
|
0012| SENATE BILL 395
|
0013| 43rd legislature - STATE OF NEW MEXICO - first session, 1997
|
0014|
|
0015|
|
0016|
|
0017|
|
0018|
|
0019|
|
0020|
|
0021| AN ACT
|
0022| RELATING TO TAXATION; AMENDING SECTION 7-2-18 NMSA 1978 (BEING
|
0023| LAWS 1977, CHAPTER 196, SECTION 1, AS AMENDED) TO AUTHORIZE
|
0024| COUNTIES TO PROVIDE FOR AN EXPANDED TAX REBATE FOR PROPERTY TAX
|
0025| DUE FOR CERTAIN TAXPAYERS SIXTY-FIVE YEARS OF AGE AND OLDER.
|
0001|
|
0002| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
|
0003| Section 1. Section 7-2-18 NMSA 1978 (being Laws 1977,
|
0004| Chapter 196, Section 1, as amended) is amended to read:
|
0005| "7-2-18. TAX REBATE OF PROPERTY TAX DUE [WHICH] THAT
|
0006| EXCEEDS THE ELDERLY TAXPAYER'S MAXIMUM PROPERTY TAX LIABILITY--
|
0007| REFUND.--
|
0008| A. Any resident who has attained the age of sixty-
|
0009| five and files an individual New Mexico income tax return and
|
0010| is not a dependent of another individual may claim a tax rebate
|
0011| for the taxable year for which the return is filed. The tax
|
0012| rebate shall be the amount of property tax due on the
|
0013| resident's principal place of residence for the taxable year
|
0014| [which] that exceeds the property tax liability indicated
|
0015| by the table in Subsection F or G, as appropriate, of this
|
0016| section, based upon the taxpayer's modified gross income.
|
0017| B. Any resident otherwise qualified under this
|
0018| section who rents a principal place of residence from another
|
0019| person may calculate the amount of property tax due by
|
0020| multiplying the gross rent for the taxable year by six percent.
|
0021| The tax rebate shall be the amount of property tax due on the
|
0022| taxpayer's principal place of residence for the taxable year
|
0023| [which] that exceeds the property tax liability indicated
|
0024| by the table in Subsection F or G, as appropriate, of this
|
0025| section, based upon the taxpayer's modified gross income.
|
0001| C. As used in this section, "principal place of
|
0002| residence" [for purposes of this section] means the
|
0003| resident's dwelling, whether owned or rented, and so much of
|
0004| the land surrounding it, not to exceed five acres, as is rea-
|
0005|
|
0006| sonably necessary for use of the dwelling as a home and may
|
0007| consist of a part of a multi-dwelling or a multi-purpose
|
0008| building and a part of the land upon which it is built.
|
0009| D. No claim for the tax rebate provided in this
|
0010| section shall be allowed a resident who was an inmate of a
|
0011| public institution for more than six months during the taxable
|
0012| year or who was not physically present in New Mexico for at
|
0013| least six months during the taxable year for which the tax
|
0014| rebate could be claimed.
|
0015| E. A husband and wife who file separate returns for
|
0016| a taxable year in which they could have filed a joint return
|
0017| may each claim only one-half of the tax rebate that would have
|
0018| been allowed on a joint return.
|
0019| F. [The] For taxpayers whose principal place of
|
0020| residence is in a county that does not have in effect for the
|
0021| taxable year a resolution in accordance with Subsection J of this
|
0022| section, the tax rebate provided for in this section may be
|
0023| claimed in the amount of the property tax due each taxable year
|
0024| [which] that exceeds the amount shown as property tax
|
0025| liability in the following table:
|
0001| ELDERLY HOMEOWNERS' MAXIMUM PROPERTY TAX LIABILITY TABLE
|
0002| Property Tax
|
0003| Taxpayer's Modified Gross Income Liability
|
0004| But Not
|
0005| Over Over
|
0006| $ 0 $ 1,000 $20
|
0007| 1,000 2,000 25
|
0008| 2,000 3,000 30
|
0009| 3,000 4,000 35
|
0010| 4,000 5,000 40
|
0011| 5,000 6,000 45
|
0012| 6,000 7,000 50
|
0013| 7,000 8,000 55
|
0014| 8,000 9,000 60
|
0015| 9,000 10,000 75
|
0016| 10,000 11,000 90
|
0017| 11,000 12,000 105
|
0018| 12,000 13,000 120
|
0019| 13,000 14,000 135
|
0020| 15,000 16,000 180.
|
0021| G. For taxpayers whose principal place of residence
|
0022| is in a county that has in effect for the taxable year a
|
0023| resolution in accordance with Subsection J of this section, the
|
0024| tax rebate provided for in this section may be claimed in the
|
0025| amount of the property tax due each taxable year that exceeds the
|
0001| amount shown as property tax liability in the following table:
|
0002| ELDERLY HOMEOWNERS' MAXIMUM PROPERTY TAX LIABILITY TABLE
|
0003| Property Tax
|
0004| Taxpayer's Modified Gross Income Liability
|
0005| But Not
|
0006| Over Over
|
0007| $ 0 $ 1,000 $ 20
|
0008| 1,000 2,000 25
|
0009| 2,000 3,000 30
|
0010| 3,000 4,000 35
|
0011| 4,000 5,000 40
|
0012| 5,000 6,000 45
|
0013| 6,000 7,000 50
|
0014| 7,000 8,000 55
|
0015| 8,000 9,000 60
|
0016| 9,000 10,000 75
|
0017| 10,000 11,000 90
|
0018| 11,000 12,000 105
|
0019| 12,000 13,000 120
|
0020| 13,000 14,000 135
|
0021| 14,000 15,000 150
|
0022| 15,000 16,000 165
|
0023| 16,000 17,000 180
|
0024| 17,000 18,000 195
|
0025| 18,000 19,000 210
|
0001| 19,000 20,000 225
|
0002| 20,000 21,000 240
|
0003| 21,000 22,000 255
|
0004| 22,000 23,000 270
|
0005| 23,000 24,000 285
|
0006| 24,000 25,000 300.
|
0007| [G.] H. If a taxpayer's modified gross income is
|
0008| zero, the taxpayer may claim a tax rebate based upon the amount
|
0009| shown in the first row of the appropriate table. The tax rebate
|
0010| provided for in this section shall not exceed two hundred fifty
|
0011| dollars ($250) per return, and, if a return is filed separately
|
0012| [which] that could have been filed jointly, the tax rebate
|
0013| shall not exceed one hundred twenty-five dollars ($125). No tax
|
0014| rebate shall be allowed any taxpayer whose modified gross income
|
0015| exceeds sixteen thousand dollars ($16,000) for taxpayers whose
|
0016| principal place of residence is in a county that does not have in
|
0017| effect for the taxable year a resolution in accordance with
|
0018| Subsection J of this section and twenty-five thousand dollars
|
0019| ($25,000) for all other taxpayers.
|
0020| [H.] I. The tax rebate provided for in this
|
0021| section may be deducted from the taxpayer's New Mexico income tax
|
0022| liability for the taxable year. If the tax rebate exceeds the
|
0023| taxpayer's income tax liability, the excess shall be refunded to
|
0024| the taxpayer.
|
0025| J. The board of county commissioners may adopt a
|
0001| resolution authorizing otherwise qualified taxpayers whose
|
0002| principal place of residence is in the county to claim the rebate
|
0003| provided by this section in the amounts set forth in Subsection G
|
0004| of this section. The resolution must also provide that the county
|
0005| will reimburse the state for the additional amount of tax rebates
|
0006| paid to such taxpayers over the amount that would have been paid
|
0007| to such taxpayers under Subsection F of this section. The
|
0008| resolution may apply to one or more taxable years. The county
|
0009| must adopt the resolution and notify the department of the
|
0010| adoption by no later than September 1 of the taxable year to which
|
0011| the resolution first applies. The department shall determine the
|
0012| additional amounts paid to taxpayers of the county for each
|
0013| taxable year and shall bill the county for the amount at the time
|
0014| and in the manner determined by the department. If the county
|
0015| fails to pay any bill within thirty days, the department may
|
0016| deduct the amount due from any amount to be transferred or
|
0017| distributed to the county by the state, other than debt
|
0018| interceptions."
|
0019| Section 2. APPLICABILITY.--The provisions of this act apply
|
0020| to taxable years beginning on or after January 1, 1997.
|
0021|
|
0022| SENATE FINANCE COMMITTEE SUBSTITUTE FOR
|
0023| SENATE BILL 395
|
0024| 43rd legislature - STATE OF NEW MEXICO - first session, 1997
|
0025|
|
0001|
|
0002|
|
0003|
|
0004|
|
0005|
|
0006|
|
0007| AN ACT
|
0008| RELATING TO TAXATION; AMENDING SECTION 7-2-18 NMSA 1978 (BEING
|
0009| LAWS 1977, CHAPTER 196, SECTION 1, AS AMENDED) TO AUTHORIZE
|
0010| COUNTIES TO PROVIDE FOR AN EXPANDED TAX REBATE FOR PROPERTY TAX
|
0011| DUE FOR CERTAIN TAXPAYERS SIXTY-FIVE YEARS OF AGE AND OLDER.
|
0012|
|
0013| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
|
0014| Section 1. Section 7-2-18 NMSA 1978 (being Laws 1977,
|
0015| Chapter 196, Section 1, as amended) is amended to read:
|
0016| "7-2-18. TAX REBATE OF PROPERTY TAX DUE [WHICH] THAT
|
0017| EXCEEDS THE ELDERLY TAXPAYER'S MAXIMUM PROPERTY TAX LIABILITY--
|
0018| REFUND.--
|
0019| A. Any resident who has attained the age of sixty-
|
0020| five and files an individual New Mexico income tax return and
|
0021| is not a dependent of another individual may claim a tax rebate
|
0022| for the taxable year for which the return is filed. The tax
|
0023| rebate shall be the amount of property tax due on the
|
0024| resident's principal place of residence for the taxable year
|
0025| [which] that exceeds the property tax liability indicated
|
0001| by the table in Subsection F or G, as appropriate, of this
|
0002| section, based upon the taxpayer's modified gross income.
|
0003| B. Any resident otherwise qualified under this
|
0004| section who rents a principal place of residence from another
|
0005| person may calculate the amount of property tax due by
|
0006| multiplying the gross rent for the taxable year by six percent.
|
0007| The tax rebate shall be the amount of property tax due on the
|
0008| taxpayer's principal place of residence for the taxable year
|
0009| [which] that exceeds the property tax liability indicated
|
0010| by the table in Subsection F or G, as appropriate, of this
|
0011| section, based upon the taxpayer's modified gross income.
|
0012| C. As used in this section, "principal place of
|
0013| residence" [for purposes of this section] means the
|
0014| resident's dwelling, whether owned or rented, and so much of
|
0015| the land surrounding it, not to exceed five acres, as is rea-
|
0016|
|
0017| sonably necessary for use of the dwelling as a home and may
|
0018| consist of a part of a multi-dwelling or a multi-purpose
|
0019| building and a part of the land upon which it is built.
|
0020| D. No claim for the tax rebate provided in this
|
0021| section shall be allowed a resident who was an inmate of a
|
0022| public institution for more than six months during the taxable
|
0023| year or who was not physically present in New Mexico for at
|
0024| least six months during the taxable year for which the tax
|
0025| rebate could be claimed.
|
0001| E. A husband and wife who file separate returns for
|
0002| a taxable year in which they could have filed a joint return
|
0003| may each claim only one-half of the tax rebate that would have
|
0004| been allowed on a joint return.
|
0005| F. [The] For taxpayers whose principal place of
|
0006| residence is in a county that does not have in effect for the
|
0007| taxable year a resolution in accordance with Subsection J of this
|
0008| section, the tax rebate provided for in this section may be
|
0009| claimed in the amount of the property tax due each taxable year
|
0010| [which] that exceeds the amount shown as property tax
|
0011| liability in the following table:
|
0012| ELDERLY HOMEOWNERS' MAXIMUM PROPERTY TAX LIABILITY TABLE
|
0013| Property Tax
|
0014| Taxpayer's Modified Gross Income Liability
|
0015| But Not
|
0016| Over Over
|
0017| $ 0 $ 1,000 $20
|
0018| 1,000 2,000 25
|
0019| 2,000 3,000 30
|
0020| 3,000 4,000 35
|
0021| 4,000 5,000 40
|
0022| 5,000 6,000 45
|
0023| 6,000 7,000 50
|
0024| 7,000 8,000 55
|
0025| 8,000 9,000 60
|
0001| 9,000 10,000 75
|
0002| 10,000 11,000 90
|
0003| 11,000 12,000 105
|
0004| 12,000 13,000 120
|
0005| 13,000 14,000 135
|
0006| 15,000 16,000 180.
|
0007| G. For taxpayers whose principal place of residence
|
0008| is in a county that has in effect for the taxable year a
|
0009| resolution in accordance with Subsection J of this section, the
|
0010| tax rebate provided for in this section may be claimed in the
|
0011| amount of the property tax due each taxable year that exceeds the
|
0012| amount shown as property tax liability in the following table:
|
0013| ELDERLY HOMEOWNERS' MAXIMUM PROPERTY TAX LIABILITY TABLE
|
0014| Property Tax
|
0015| Taxpayer's Modified Gross Income Liability
|
0016| But Not
|
0017| Over Over
|
0018| $ 0 $ 1,000 $ 20
|
0019| 1,000 2,000 25
|
0020| 2,000 3,000 30
|
0021| 3,000 4,000 35
|
0022| 4,000 5,000 40
|
0023| 5,000 6,000 45
|
0024| 6,000 7,000 50
|
0025| 7,000 8,000 55
|
0001| 8,000 9,000 60
|
0002| 9,000 10,000 75
|
0003| 10,000 11,000 90
|
0004| 11,000 12,000 105
|
0005| 12,000 13,000 120
|
0006| 13,000 14,000 135
|
0007| 14,000 15,000 150
|
0008| 15,000 16,000 165
|
0009| 16,000 17,000 180
|
0010| 17,000 18,000 195
|
0011| 18,000 19,000 210
|
0012| 19,000 20,000 225
|
0013| 20,000 21,000 240
|
0014| 21,000 22,000 255
|
0015| 22,000 23,000 270
|
0016| 23,000 24,000 285
|
0017| 24,000 25,000 300.
|
0018| [G.] H. If a taxpayer's modified gross income is
|
0019| zero, the taxpayer may claim a tax rebate based upon the amount
|
0020| shown in the first row of the appropriate table. The tax rebate
|
0021| provided for in this section shall not exceed two hundred fifty
|
0022| dollars ($250) per return, and, if a return is filed separately
|
0023| [which] that could have been filed jointly, the tax rebate
|
0024| shall not exceed one hundred twenty-five dollars ($125). No tax
|
0025| rebate shall be allowed any taxpayer whose modified gross income
|
0001| exceeds sixteen thousand dollars ($16,000) for taxpayers whose
|
0002| principal place of residence is in a county that does not have in
|
0003| effect for the taxable year a resolution in accordance with
|
0004| Subsection J of this section and twenty-five thousand dollars
|
0005| ($25,000) for all other taxpayers.
|
0006| [H.] I. The tax rebate provided for in this
|
0007| section may be deducted from the taxpayer's New Mexico income tax
|
0008| liability for the taxable year. If the tax rebate exceeds the
|
0009| taxpayer's income tax liability, the excess shall be refunded to
|
0010| the taxpayer.
|
0011| J. The board of county commissioners may adopt a
|
0012| resolution authorizing otherwise qualified taxpayers whose
|
0013| principal place of residence is in the county to claim the rebate
|
0014| provided by this section in the amounts set forth in Subsection G
|
0015| of this section. The resolution must also provide that the county
|
0016| will reimburse the state for the additional amount of tax rebates
|
0017| paid to such taxpayers over the amount that would have been paid
|
0018| to such taxpayers under Subsection F of this section. The
|
0019| resolution may apply to one or more taxable years. The county
|
0020| must adopt the resolution and notify the department of the
|
0021| adoption by no later than September 1 of the taxable year to which
|
0022| the resolution first applies. The department shall determine the
|
0023| additional amounts paid to taxpayers of the county for each
|
0024| taxable year and shall bill the county for the amount at the time
|
0025| and in the manner determined by the department. If the county
|
0001| fails to pay any bill within thirty days, the department may
|
0002| deduct the amount due from any amount to be transferred or
|
0003| distributed to the county by the state, other than debt
|
0004| interceptions."
|
0005| Section 2. APPLICABILITY.--The provisions of this act apply
|
0006| to taxable years beginning on or after January 1, 1997.
|
0007|
|
0008| State of New Mexico
|
0009| House of Representatives
|
0010|
|
0011| FORTY-THIRD LEGISLATURE
|
0012| FIRST SESSION, 1997
|
0013|
|
0014|
|
0015| March 17, 1997
|
0016|
|
0017|
|
0018| Mr. Speaker:
|
0019|
|
0020| Your TAXATION AND REVENUE COMMITTEE, to whom has
|
0021| been referred
|
0022|
|
0023| SENATE FINANCE COMMITTEE SUBSTITUTE FOR
|
0024| SENATE BILL 395
|
0025|
|
0001| has had it under consideration and reports same with
|
0002| recommendation that it DO PASS, and thence referred to the
|
0003| APPROPRIATIONS AND FINANCE COMMITTEE.
|
0004|
|
0005| Respectfully submitted,
|
0006|
|
0007|
|
0008|
|
0009|
|
0010| Jerry W. Sandel, Chairman
|
0011|
|
0012|
|
0013| Adopted Not Adopted
|
0014|
|
0015| (Chief Clerk) (Chief Clerk)
|
0016|
|
0017| Date
|
0018|
|
0019| The roll call vote was 12 For 0 Against
|
0020| Yes: 12
|
0021| Excused: Lovejoy
|
0022| Absent: None
|
0023|
|
0024|
|
0025| G:\BILLTEXT\BILLW_97\S0395
|