HB 346 - Increasing Gross Receipts Tax and Compensating Tax to Fund Education - New Mexico Key Vote
Dianne Hamilton voted Nay (Passage) on this Legislation.
Timeline
- Referred to Committee
- March 13, 2009
- House Bill Passed
- March 13, 2009
- Introduced
- Jan. 26, 2009
Related Issues
Stage Details
Title: Increasing Gross Receipts Tax and Compensating Tax to Fund Education
Vote Smart's Synopsis:
Vote to pass a bill that imposes a 0.75 percent surtax on both the gross receipts tax and the compensating tax to fund public education beginning July 1, 2009.
Highlights:
- Allocates the first $600,000 of the revenue raised by the surtax to the Public Education Department for the 2009-2010 fiscal year and 2010-2011 fiscal year, and the remaining funds at the end of the 2010-2011 fiscal year shall be deposited into the Public School Fund (Sec. 4). - Specifies that this Act is contingent upon the enactment of a law during the first session of the 49th legislature that provides for a new method for determining the state equalization guarantee distribution to public schools (Sec. 5). - This is a substitute bill sponsored by the House Committee on Appropriation and Finance.
More Info About this Vote
NOTE: THIS IS A SUBSTITUTE BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.
Title: Increasing Gross Receipts Tax and Compensating Tax to Fund Education