SB 007: TAX EXPENDITURE & REVENUE BUDGET & REPORTING

An Act Relating To Taxation; Requiring The Development Of A Tax Expenditure Budget And A Dedicated Revenue Budget; Requiring Reporting.

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MILD SB 007
TAX EXPENDITURE & REVENUE BUDGET & REPORTING

Legislative URL:

SB 007 on nmlegis.gov

Emergency Clause:

No

Germane:

N/A

Location:

Vetoed

Action:

SPREF [1] SPAC/SFC-SPAC [4] DNP-CS/DP-SFC [18] DNP-CS/DP [21] fl/a- PASSED/S (37-0) [30] HCPAC/HTRC-HCPAC [39] DP-HTRC [50] DP - PASSED/H (58-10) VETO.

Issue(s):

General Interest

Related Legislators

Bill Sponsor:

Timothy Keller Luciano “Lucky” Varela

Related Documents

Downloads:

Introduced
SPAC Committee Report
SPAC Committee Substitute
SFC Committee Report
SFC Committee Substitute
Senate Floor Amendment 1
Final Senate Vote
HCPAC Committee Report
HTRC Committee Report
Final House Vote
Fiscal Impact Report
Final Version

Summary

This measures requires the “consensus revenue estimating group” (economists from several state agencies) to prepare an annual “tax expenditure budget” that details the costs, including approximate foregone revenues, of all tax expenditures (credits, exemptions, deductions, and so forth) and a “dedicated revenue budget” that provides details on dedicated revenue streams, often called earmarked revenues, including the approximate dedicated revenue generated.

Among other things, the tax expenditure reports shall identify the number of businesses that used the tax expenditure, identify any unintended effects of the expenditure and provide an estimate of jobs created. The dedicated revenue budgets will identify the beneficiaries and outcomes of the dedicated revenue as well as any unintended effects.

One benefit of this measure might be that it could provide the Legislature with a tool about making decisions on tax expenditures and dedicated revenue streams. Another might be that it would help give the public a sense of the benefits and drawbacks of the items that are reported.

The bill is introduced for the Interim Revenue Stabilization and Tax Policy Committee.

Outcome: SB 007 passed the Senate (37-0) and the House (58-10), and was vetoed by the Governor.

Date of Summary:  1/16/13; Updated 5/19/13