MOD
HB 146
SEVERANCE TAX FUND BONDING & PROJECT LIMITS
- Legislative URL:
- HB 146 on nmlegis.gov
- Emergency Clause:
- No
- Germane:
- N/A
- Location:
- H Flr
- Action:
- HPREF [5] HHGIC/HTRC/HAFC-HHGIC [13] DP-HTRC- DP-HAFC- DNP-CS/DP API.
- Issue(s):
- General Interest, Water Quality & Supply
Related Legislators
- Bill Sponsor:
- Jason Harper Carlos Cisneros
Related Documents
- Downloads:
-
Introduced
HHGIC Committee Report
HTRC Committee Report
HAFC Committee Report
HAFC Committee Substitute
Fiscal Impact Report
Summary
This piece of legislation makes several changes to the Severance Tax Bonding Act and the Water Project Finance Act. It limits the bonding capacity for Severance Tax Bonds and Supplemental Severance Tax Bonds and the portions of the bonding capacity allocated for water projects, colonias and tribal infrastructure projects. It also reduces certain allocations from the Water Project Fund.
The reductions in capacity allocations include:
- The allocation for water projects is reduced from 10% to 8.5%
- The allocation for tribal infrastructure projects is reduced from 5% to 4%
- The allocation for colonias infrastructure projects is reduced from 5% to 4%
The bill reduces from 10% to 7% the percentage of Water Project funds dedicated to the State Engineer for water rights adjudications. It reduces from 20% to 15% the percentage allocated to the Administrative Office of the Courts for the courts’ costs associated with water rights adjudications.
One benefit of this bill might be that it could help to ensure that the State sustains its Severance Tax Permanent Fund for the long run. One drawback might be that less funding will be available for projects that the State currently needs.
Date of Summary: 1/23/2014
Outcome:
HB 146 died on the House Floor Calendar.
Updated 7/31/14