HJR 05: BIENNIAL TAX CREDIT & DEDUCTION REPORT, CA
A Joint Resolution Proposing To Amend Article 8 Of The Constitution Of New Mexico By Adding A New Section Requiring A Biennial Report On The Costs And Benefits To The State From Tax Credits, Deductions, Exemptions And Other Tax Expenditures.
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HJR 05
BIENNIAL TAX CREDIT & DEDUCTION REPORT, CA
- Legislative URL:
- HJR 05 on nmlegis.gov
- Emergency Clause:
- No
- Germane:
- N/A
- Location:
- HTRC
- Action:
- HPREF [5] HTRC/HVEC-HTRC API.
- Issue(s):
- General Interest
Companion Bills
Related Legislators
- Bill Sponsor:
- Nate Cote Timothy Keller
Related Documents
- Downloads:
-
Introduced
Fiscal Impact Report
Summary
This resolution proposed an amendment to the New Mexico Constitution requiring that the State prepare a “tax expenditure report” every other year. If the resolution passes, the question will be put on the general election ballot in 2014 for the voters to decide.
The measure requires the “consensus revenue estimating group” (economists from several state agencies) to prepare the biennial tax expenditure budget by October 15 of odd-numbered years. The budget will detail the costs, including approximate foregone revenues, and benefits of all tax expenditures (credits, exemptions, deductions and so forth).
One benefit of this measure might be that it could provide the Legislature with a tool for evaluating and making decisions about the continuation or modification of tax expenditures. Another might be that it would help give the public a sense of the benefits and drawbacks of the items that are reported.
HJR 5 and SJR 5 are companion bills.
Date of Summary: 1/21/2014
Outcome:
HJR 05 died in the House Taxation and Revenue Committee.
Updated 7/31/14