HB 8 — LAND GRANT-MERCED ASSISTANCE FUND

HOUSEAN BILLACT 8RELATING 55THTO LEGISLATUREGOVERNMENT -FINANCING; STATEOFNEWMEXICO- SECOND SESSION , 2022 INTRODUCED BY Matthew McQueen and Brian Egolf and Kristina Ortez and Roger E.

MontoyaCREATING andTHE AndreaLAND RomeroGRANT- ThisMERCED documentASSISTANCE mayFUND; incorporate amendments proposed by a committee, but not yet adopted, as well as amendments that have been adopted during the current legislative session.

The document is a tool to show amendments in context and cannot be used for the purpose of adding amendments to legislation.

AN ACT h RELATING TO GOVERNMENT FINANCING;

CREATING THE LAND GRANT- g o MERCED ASSISTANCE FUND;

PROVIDING FOR t hr g e i k DISTRIBUTIONS PURSUANT TO THE TAX ADMINISTRATION ACT;

MAKING AN h r i s APPROPRIATION.

h7 , t, e u g e b l e e h BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

n d d i = = o h SECTION 1.

A new section of the Tax Administration Act is l ] b ,d i a º e enacted to read:

r"DISTRIBUTION--LAND iGRANT-MERCED =ASSISTANCE rFUND.--A tdistribution epursuant wto dSection m7-1-6.1 aNMSA n1978 oshall "[NEWbe MATERIALmade ]to DISTRIBUTION--LANDthe GRANT-MERCEDland ASSISTANCEgrant-merced dassistance mfund :in an amount equal to five-hundredths percent of the net receipts attributable to the gross receipts tax after distributions have been made pursuant to Sections 7-1-6.46 and 7-1-6.47 NMSA 1978." SECTION 2.

b e d s º o t n = .221965.3AIC January 31, 2022 (11:27am) s k m e e a n e d r e l u [ A d FUND.--A distribution pursuant to Section 7-1-6.1 NMSA 1978 shall be made to the land grant-merced assistance fund in an amount equal to five-hundredths percent of the net receipts attributable to the gross receipts tax after distributions have been made pursuant to Sections 7-1-6.46 and 7-1-6.47 NMSA 1978." SECTION 2.

"[NEW"LAND MATERIAL ] LAND GRANT-MERCED ASSISTANCE FUND CREATED--DISTRIBUTION.-- A.

The fund consists of gifts, grants, donations, appropriations to the fund and distributions to the fund made pursuant to the Tax HB 8/a Page 1 Administration Act.

h B.

On or before September 1, HTRCº2023 2022»HTRC g o t hr HTRCº2023»HTRC and on or before September 1 of each subsequent g e i k year, the state auditor shall provide a list to the land grant h r i s council of the land grants-mercedesgrants- mercedes that are in compliance with h , t, e u g the Audit Act and the category of compliance required for each e b l e e h land grant-merced pursuant to Subsection B of Section 12-6-3 n d d i = = o h NMSA 1978.

l ] b ,d i a º e C.

Within HTRCºthirty fifteen»HTRCdays HTRCºthirty»HTRCof daysthe rreceipt iof =the rlist tof eAudit-Act-compliant wland dgrants-mercedes mand atheir nAudit oAct ofcompliance levels provided by the receiptstate auditor pursuant to Subsection B of this section, the land grant council shall determine the land grants-mercedes on the list that are assistance-qualified pursuant to Paragraph (1) of Audit-Act-compliantSubsection landF dof mthis :section and their distribution categories pursuant to Subsection D of this section and provide a list of those determinations to the department of finance and administration and the state treasurer.

b e d s º o t n = .221965.3AIC January 31, 2022 (11:27am) s k m e - 2 - e a n e d r e l u [ A d grants-mercedes and their Audit Act compliance levels HTRCº from»HTRC HTRCºprovided by»HTRC the state auditor pursuant to Subsection B of this section, the land grant council shall HTRCºprovide a list of assistance-qualified land grants-mercedes, including their assistance distribution categories pursuant to Subsection D of this section,»HTRC HTRCºdetermine the land grants-mercedes on the list that are assistance-qualified pursuant to Paragraph (1) of Subsection F of this section and their distribution categories pursuant to Subsection D of this section and provide a list of those determinations»HTRC to the department of finance and administration and the state treasurer.

An assistance-qualified land grant-merced with an annual revenue, calculated on a cash basis of accounting, exclusive of capital outlay funds or federal or private grants disbursed directly by an administrating agency or previous year h distributions from the land grant-merced assistance fund, shall u » r receive an annual distribution amount starting in fiscal year t2024 h g e l i HTRCº 2023»HTRC HTRCº2024»HTRC and continuing in each h r i s subsequent fiscal year in accordance with the following:

hHB ,8/a ePage h2 (1) less than fifty thousand dollars t u g e b l e e , gh ($50,000), the assistance-qualified land grant-merced shall n d d i = = o h receive a full distribution;

l ] b ,d i a º r (2) at least fifty thousand dollars ($50,000) ebut rnot =more tthan etwo whundred dfifty mthousand adollars n($250,000), othe butassistance-qualified notland moregrant- thanmerced twoshall hundredreceive fiftyseventy-five thousandpercent dollarsof da mfull :distribution;

b(3) rat eleast ttwo ºhundred ofifty tthousand ndollars =($250,000) .221965.3AICbut Januarynot 31,more 2022than (11:27am)five shundred kthousand mdollars e($500,000), - 3 - e a n e d r e l u [ A d ($250,000), the assistance-qualified land grant-mercedgrant- merced shall receive seventy-fivefifty percent of a full distribution;

(3) at least two hundred fifty thousand dollars ($250,000) but not more than five hundred thousand dollars ($500,000), the assistance-qualified land grant-merced shall receive fifty percent of a full distribution;

If the balance in the fund as of the preceding June 30 exceeds the sum of certified amounts distributed, the h difference shall revert to the general fund.

u » r F.

tHB h8/a gPage e3 l i (1) "assistance-qualified land grant-merced" h r i s means a land grant-merced that has HTRCºsupplied a board of trustees h , e h that has been elected pursuant to the requirements of Chapter t u g e b l e e , gh 49, Article 1 or 4 NMSA 1978 and that»HTRC HTRCºsupplied an n d d i = = o h account of its previous fiscal year revenue calculated in the l ] b ,d i a º r same manner used for an annual calculation pursuant to eSubsection rD =of tthis esection wto dthe mland agrant ncouncil, ois Subsectionin Dcompliance ofwith thisChapter section49, toArticle the1 landor grant4 council,NMSA 1978, including having an elected board of trustees, and is in dcompliance mwith :the Audit Act;

band r(2) e"full tdistribution" ºmeans oan tamount nequal =to .221965.3AICthe Januaryannual 31,amount 2022of (11:27am)money sin kthe mland egrant-merced -assistance 4fund -at ethe astart nof ea dfiscal ryear edivided lby uthe [total Anumber dof complianceassistance-qualified withland Chaptergrants-mercedes 49,as Articledetermined 1by orthe 4land NMSAgrant 1978,council includingpursuant havingto anSubsection electedC board of trustees,this and»HTRCsection isfor inthat compliancefiscal withyear." theSECTION Audit3. Act;

and (2) "full distribution" means an amount equal to the annual amount of money in the land grant-merced assistance fund at the start of a fiscal year divided by the total number of assistance-qualified land grants-mercedes Hfl1º HTRCºcertified by the state auditor»HTRC HTRCºlisted by the state auditor pursuant to Subsection B of this section»HTRC»Hfl1 Hfl1ºHfl1ºcertified by the state auditor»Hfl1»Hfl1 Hfl1ºas determined by the land grant council pursuant to Subsection C of this section»Hfl1 for that fiscal year Hfl1ºpursuant to this section»Hfl1 ." SECTION 3.

-HB 58/a -Page h4 u25 » r t h g e l i h r i s h , e h t u g e b l e e , gh n d d i = = o h l ] b ,d i a º r e r = t e w d m a n o d m :

b r e t º o t n = .221965.3AIC January 31, 2022 (11:27am) s k m e e a n e d r e l u [ A d