0001|                           SENATE BILL 323
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0002|     43RD LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, 1998
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0003|                            INTRODUCED BY
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0004|                           MANNY M. ARAGON
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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 FUNDING OF PUBLIC SCHOOL CAPITAL OUTLAY; PROVIDING
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0012|     FOR DISTRIBUTION OF GROSS RECEIPTS TAX REVENUES TO THE PUBLIC
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0013|     SCHOOL CAPITAL OUTLAY FUND FOR TEN YEARS.
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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 of the Tax Administration Act
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0017|     is enacted to read:
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0018|          "[|NEW MATERIAL|] DISTRIBUTION--GROSS RECEIPTS TAX--
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0019|     PUBLIC SCHOOL CAPITAL OUTLAY FUND.--A distribution pursuant to
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0020|     Section 7-1-6.1 NMSA 1978 shall be made to the public school
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0021|     capital outlay fund in an amount equal to the net receipts
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0022|     attributable to one-sixteenth of one percent of the gross
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0023|     receipts tax."
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0024|          Section 2.  DELAYED REPEAL.--Section 1 of this act is
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0025|     repealed effective July 1, 2008.
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0001|          Section 3.  EFFECTIVE DATE.--The effective date of the
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0002|     provisions of this act is July 1, 1998.
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0003|                              
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