HB 396 — CHANGE NAMES OF VARIOUS TAXES

A law that imposes or e e 17 authorizes the imposition of a municipal infrastructure [gross e e n d 18 receipts] sales tax or that affects the municipal = = l ] 19 infrastructure [gross receiptsreceipts] ] sales tax, or a law a l r i 20 supplemental to or otherwise pertaining to the tax, shall not t e a t be repealed or amended or otherwise directly or indirectly m m 21 e d r e 22 modified in such a manner as to impair adversely any c e r c 23 outstanding revenue bonds that may be secured by a pledge of e a n b 24 the municipal infrastructure [gross receipts ] sales tax unless u [ the outstanding revenue bonds have been discharged in full or .212229.1 - 10 - provision has been fully made for their discharge.

If the revenue from the first one-eighth increment, the third one-eighth increment or the one-sixteenth increment of the county [gross receipts ] sales tax or any increment of the county infrastructure [gross receipts ] sales tax or county capital outlay [gross receipts ] sales tax is pledged for payment of principal and interest as authorized by this subsection, the pledge shall e e 17 require the revenues received from that increment of the county e e n d 18 [gross receipts ] sales tax or any increment of the county = = l ] 19 infrastructure [gross receiptsreceipts] ] sales tax or county capital outlay a l r i 20 [gross receipts ] sales tax to be deposited into a special bond t e a t fund for payment of the principal, interest and expenses.

e e 17 (3) revenue generated through the imposition of e e n d 18 a county infrastructure [gross receipts ] sales tax pursuant to the = = l ] 19 County Local Option [Gross Receipts TaxesTaxes] ] Sales Tax Act for a l r i 20 furthering or implementing economic development plans and projects t e a t as defined in the Local Economic Development Act or projects as m m 21 e d r e 22 defined in the Statewide Economic Development Finance Act;

A taxing entity shall e e 17 not agree to dedicate for the purposes of securing [gross e e n d 18 receipts] sales tax increment bonds more than seventy-five percent = = l ] 19 of its [gross receiptsreceipts] ] sales tax increment attributable to the a l r i 20 imposition of [gross receipts ] sales taxes by the taxing entity.

(2) based upon review by the state board of finance of the applicable tax increment development plan, the e e 17 dedication by the state board of finance of a portion of the e e n d 18 [gross receipts] sales tax increment attributable to the = = l ] 19 imposition of the state [gross receiptsreceipts] ] sales tax within the a l r i 20 district for use in meeting the required goals of the tax t e a t increment plan is reasonable and in the best interest of the m m 21 e d r e 22 state;

= = l ] 19 (2) authorizes the issuance of [gross receiptsreceipts] ] a l r i 20 sales tax increment bonds by an affirmative vote of a majority of t e a t all the members of the district board;

DEDICATION OF [GROSS RECEIPTSRECEIPTS] ] SALES TAX INCREMENT--NOTICE TO TAXATION AND REVENUE DEPARTMENT.--If the state board of finance or a taxing entity approves a dedication or increase in the dedication of a portion of a [gross receipts ] sales tax increment to a district, the state board of finance or the taxing entity shall notify the taxation and revenue department of that approval at least one hundred twenty days before the effective date of the dedication or increase in the dedication." SECTION 36.

the New Mexico finance authority, information with e e 17 respect to the amount of municipal and county [gross receipts ] e e n d 18 sales taxes collected by municipalities and counties pursuant to = = l ] 19 any local option municipal or county [gross receiptsreceipts] ] sales taxes a l r i 20 imposed, and information with respect to the amount of t e a t governmental [gross receipts ] sales taxes paid by every agency, m m 21 e d r e 22 institution, instrumentality or political subdivision of the state c e r c 23 pursuant to Section 7-9-4.3 NMSA 1978;

Exempted from the [gross receiptsreceipts] ] state sales tax u [ and from the governmental [gross receipts ] sales tax are the .212229.1 - 283 - receipts from selling livestock and receipts of growers, producers, trappers or nonprofit marketing associations from selling livestock, live poultry, unprocessed agricultural products, hides or pelts.

DEDUCTION--GROSS RECEIPTS [TAX ]--INTERNET SERVICES.--On and after July 1, 1998, receipts from providing leased telephone lines, telecommunications services, internet e e 17 services, internet access services or computer programming that e e n d 18 will be used by other persons in providing internet access and = = l ] 19 related services to the final user may be deducted from gross a l r i 20 receipts if the sale is made to a person who is subject to the t e a t [gross receipts] state sales tax or the interstate m m 21 e d r e 22 telecommunications [gross receiptsreceipts] ] sales tax." c e r c 23 SECTION 173.

DEDUCTION--GROSS RECEIPTS [TAX[TAX]--SALE ]--SALE OF SOFTWARE DEVELOPMENT SERVICES.-- A.

DEDUCTION--GROSS RECEIPTS [TAX ]--LOTTERY RETAILER RECEIPTS.--Receipts of a lottery [game[game] ] retailer from selling lottery tickets pursuant to the New Mexico Lottery Act may be deducted from gross receipts." SECTION 213.

The amount of the e e 17 credit shall be equal to the lesser of seventy-five percent of the e e n d 18 tax imposed by the tribe on the receipts from the transaction or = = l ] 19 seventy-five percent of the revenue produced by the sum of the a l r i 20 rate of tax imposed pursuant to the [Gross Receipts and t e a t Compensating] Sales and Use Tax Act and the total of the rates of m m 21 e d r e 22 local option [gross receiptsreceipts] ] sales taxes imposed on the receipts c e r c 23 from the same transaction.

DEDUCTION--GROSS RECEIPTS [TAX[TAX]--CONVERTING ]--CONVERTING ELECTRICITY.-- A.

ADVANCED ENERGY DEDUCTION--GROSS RECEIPTS [AND ]-- [COMPENSATING TAXESTAXES] ] STATE USE TAX.-- A.

The high-wage jobs tax a l r i 20 credit may be claimed by an eligible employer for each new high- t e a t wage [economic-based ] economic base job performed for the year in m m 21 e d r e 22 which the new high-wage [economic-based[economic-based] ] economic base job is c e r c 23 created and for the three consecutive qualifying periods as e a n b 24 provided in this section.

AUTHORIZATION TO IMPOSE SUPPLEMENTAL MUNICIPAL t e a t [GROSS RECEIPTS] SALES TAX--AUTHORIZATION FOR ISSUANCE OF m m 21 e d r e 22 SUPPLEMENTAL MUNICIPAL [GROSS RECEIPTSRECEIPTS] ] SALES TAX BONDS--ELECTION c e r c 23 REQUIRED.-- e a n b 24 A.

[Any[Any] ] A purchaser of any refunding bond issued pursuant to the ] Sales Tax Act is provisions of the Local Hospital [Gross Receipts in no manner responsible for the application of the proceeds thereof by the county or any of its officers, agents or employees.

If the question of imposing a special county hospital e e n d 18 [gross receipts] sales tax fails, the governing body shall not = = l ] 19 again propose a special county hospital [gross receiptsreceipts] ] sales tax a l r i 20 for a period of one year after the election.

If the question of imposing the = = l ] 19 county education [gross receiptsreceipts] ] sales tax fails, a resolution a l r i 20 from the boards of school districts in the county may not again be t e a t proposed to the governing body requesting imposition of the tax m m 21 e d r e 22 for a period of one year from the date of the election.

COUNTY BUSINESS RETENTION [GROSS RECEIPTSRECEIPTS] ] SALES TAX--IMPOSITION--RATE.-- A.

SHORT TITLE.--[Sections 3 through 14 of this act ] t e a t Chapter 7, Article 20F NMSA 1978 may be cited as the "County m m 21 e d r e 22 Correctional Facility [Gross ReceiptsReceipts] ] Sales Tax Act"." c e r c 23 SECTION 351.

EFFECTIVE DATE.--The effective date of the u [ provisions of this act is HTRCº July 1, 2019.2019»HTRC HTRCºJanuary 1, .212229.1 - 695 - 2020»HTRC .

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