SB 401 — FED MINING REVENUE TO STATE FUND

SENATEAN BILLACT 401RELATING 54THTO LEGISLATURESTATE -REVENUE; STATEOFNEWMEXICO- FIRST SESSION, 2019 INTRODUCED BY Carlos R.

CisnerosDISTRIBUTING PursuantREVENUE toIN HouseEXCESS RuleOF 24-1,A thisFIVE-YEAR documentAVERAGE incorporatesOF amendmentsMONEY thatRECEIVED haveBY beenTHE adoptedSTATE priorPURSUANT toTO considerationTHE ofFEDERAL thisMINERAL measureLEASING byACT theTO House.THE TAX STABILIZATION RESERVE.

It7 isBE aIT toolENACTED toBY showTHE theLEGISLATURE amendmentsOF inTHE contextSTATE andOF isNEW notMEXICO: to be used for the purpose of amendments.

FORSECTION THE1. LEGISLATIVE FINANCE COMMITTEE AN ACT RELATING TO STATE REVENUE;

DISTRIBUTINGDISTRIBUTION--TAX REVENUESTABILIZATION INRESERVE EXCESSFROM OFPAYMENTS A h FIVE-YEAR AVERAGE OF MONEY RECEIVED BY THE STATE PURSUANT TO g o THE FEDERAL MINERAL LEASING ACTACT.-- TOA. THE TAX STABILIZATION t hr g e i k RESERVE.

hIf, rby iJune s30 hof ,each t,fiscal BEyear, ITthe ENACTEDreceipts BYfor THEthat LEGISLATUREfiscal OFyear THEof STATEthe OFmoney NEWreceived MEXICO:by the state pursuant to the federal Mineral Leasing Act exceed the annual average amount, the excess shall be distributed to the tax stabilization reserve and attributed to that fiscal year.

e u g e b l e e h SECTION 1.

[NEW MATERIAL ] DISTRIBUTION--TAX STABILIZATION n d d i = = o h RESERVE FROM PAYMENTS PURSUANT TO FEDERAL MINERAL LEASING l ] b ,d i a º e ACT.-- r i = r t e w d m a n o A.

If, by June 30 of each fiscal year, the d m :

b e d s º o t n = .211211.6 s k m e e a n e d r e l u [ A d SFCºnet»SFC receipts for that fiscal year of the money received by the state pursuant to the federal Mineral Leasing Act exceed the annual average amount, the excess shall be distributed to the tax stabilization reserve and attributed to that fiscal year.

As used in this section, "annual average amount" means the total SFCº net»SFC receipts attributable to money received by the state pursuant to the federal Mineral Leasing Act in the immediately preceding five fiscal years, divided SB 401 by five.

Page 1 SECTION 2.

Section 22-8-34 NMSA 1978 (being Laws 1967, h Chapter 16, Section 90, as amended) is amended to read:

u » r "22-8-34.

FEDERAL MINERAL LEASING FUNDS.-- t h g e l i A.

[Except for an annual appropriation to the h r i s instructional material fund and to the bureau of geology and h , e h mineral resources of the New Mexico institute of mining and t u g e b l e e , gh technology, and except as provided in Subsection B of this n d d i = = o h section, all other] Money received by the state pursuant to the l ] b ,d i a º r provisions of the federal Mineral [Lands] Leasing Act [30 USCA e r = t e w d m a n o 181, et seq.] shall be distributed to the public school fund, dexcept mas :follows:

b r e t º o t n = .211211.6 s k m e - 2 - e a n e d r e l u [ A d except as follows:

and (4) the distribution made pursuant to Section 1 of this 2019 act.

[All ] Money received by the state as its share of a prepayment of royalties pursuant to 30 U.S.C.

(1) a portion of the receipts, estimated by the taxation and revenue department to be equal to the amount h that the state would have received as its share of royalties in u » r the same fiscal year if the prepayment had not been made, shall t h g e l i be distributed to the public school fund;

and h r i s (2) the remainder shall be distributed to theSB h401 ,Page e2 hthe common school permanent fund." t u g e b l e e , gh SECTION 3.

EFFECTIVE DATE.--The effective date of the n d d i = = o h provisions of this act is July 1, SFCº2021. 2020 2021»SFC.

lSB ]401 bPage ,d i a º r - 3 -5 e7 r9 =25 t e w d m a n o d m :

b r e t º o t n = .211211.6 s k m e e a n e d r e l u [ A d