44TH LEGISLATURE - STATE OF NEW MEXICO - FIRST SESSION, 1999

RELATING TO TAXATION; AMENDING A SECTION OF THE NMSA 1978 PROVIDING FOR DISTRIBUTIONS OF CIGARETTE TAXES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

Section 1. Section 7-1-6.11 NMSA 1978 (being Laws 1983, Chapter 211, Section 16, as amended) is amended to read:

"7-1-6.11. DISTRIBUTIONS OF CIGARETTE TAXES.--

A. A distribution pursuant to Section 7-1-6.1 NMSA 1978 shall be made to the county and municipality recreational fund in an amount equal to four and three-quarters percent of the net receipts, exclusive of penalties and interest, attributable to the cigarette tax.

B. A distribution pursuant to Section 7-1-6.1 NMSA 1978 shall be made to the county and municipal cigarette tax fund in an amount equal to nine and one-half percent of the net receipts, exclusive of penalties and interest, attributable to the cigarette tax.

C. A distribution pursuant to Section 7-1-6.1 NMSA 1978 shall be made to the cancer center at the university of New Mexico school of medicine in an amount equal to four and three-quarters percent of the net receipts, exclusive of penalties and interest, attributable to the cigarette tax.

D. A distribution pursuant to Section 7-1-6.1 NMSA 1978 shall be made to the New Mexico finance authority in an amount equal to seven and one-eighth percent of the net receipts, exclusive of penalties and interest, attributable to the cigarette tax. Beginning in the month following the month that the New Mexico finance authority certifies that all obligations for the bonds issued pursuant to Laws 1993, Chapter 358, Section 4 have been fully discharged, the distribution in this subsection to the New Mexico finance authority shall cease and a distribution in the same amount shall be made to the university of New Mexico school of medicine medical trust fund."