0001|                           SENATE BILL 323
    |
0002|     43RD LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, 1998
    |
0003|                            INTRODUCED BY
    |
0004|                           MANNY M. ARAGON
    |
0005|     
    |
0006|                                   
    |
0007|     
    |
0008|                                   
    |
0009|     
    |
0010|                                AN ACT
    |
0011|     RELATING TO FUNDING OF PUBLIC SCHOOL CAPITAL OUTLAY; PROVIDING
    |
0012|     FOR DISTRIBUTION OF GROSS RECEIPTS TAX REVENUES TO THE PUBLIC
    |
0013|     SCHOOL CAPITAL OUTLAY FUND FOR TEN YEARS.
    |
0014|     
    |
0015|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
    |
0016|          Section 1.  A new section of the Tax Administration Act
    |
0017|     is enacted to read:
    |
0018|          "[<u>NEW MATERIAL</u>] DISTRIBUTION--GROSS RECEIPTS TAX--
    |
0019|     PUBLIC SCHOOL CAPITAL OUTLAY FUND.--A distribution pursuant to
    |
0020|     Section 7-1-6.1 NMSA 1978 shall be made to the public school
    |
0021|     capital outlay fund in an amount equal to the net receipts
    |
0022|     attributable to one-sixteenth of one percent of the gross
    |
0023|     receipts tax."
    |
0024|          Section 2.  DELAYED REPEAL.--Section 1 of this act is
    |
0025|     repealed effective July 1, 2008.
    |
<center>- 1 -</center>

0001|          Section 3.  EFFECTIVE DATE.--The effective date of the
    |
0002|     provisions of this act is July 1, 1998.
    |
0003|                              
    |