Special Session Called For Monday: Capital Outlay, Business Tax Package And Other Items On Agenda

state-capitol-santa-fe-SPECIAL SESSION

Special Session Called For Monday:
Capital Outlay, Business Tax Package And Other Items On Agenda

SANTA FE – After two months of political brinksmanship Governor Susana Martinez and State Senate leadership have finally agreed upon a list of legislation to take up at a special session to be held on Monday, June 8 at noon. Senate leadership says they anticipate the session lasting no more than one or two days.

The legislation to be considered includes the previously killed Capital Outlay bill (see previous article HERE) which funds capital improvement projects throughout the state. The $265 million dollar expenditure is considered economic stimulus by many communities and also provides badly needed infrastructure. The bill includes more than $3.5 million in funding for local project in Rio Arriba, Espanola and northern Santa Fe County. The Capital outlay bill remains the priority for the majority of legislators.

The Legislature will also work on a supplemental appropriation to the Department of Health and the Administrative Office of the courts for expenditures exceeding their current year’s budget.

Other legislation to be introduced is included at the request of the Governor. This includes:

1. Authorizing the Taxation & Revenue Department to reveal tax return information to an authorized representative of a local government of another state who is charged with the responsibility for administering of that state tax laws;

2. Amending provisions of the angel investment tax credit;

3. Providing an income tax deduction for certain unreimbursed or on compensating medical care expenses;  

4. Revising the due date for corporate income and franchise tax filing and payment for electronic submissions;

5. Revising the due date for pass-through entity information return filing for electronic submissions;

6. Providing for the use of a single sales factor by a headquarters operation in appropriating corporate income to the state:

7. Extending eligibility for the gross receipts tax deduction for trade support companies in a border zone:

8. Providing a deduction from the grocery receipt tax for certain receipts the ride from the sale of goods and services to the United States Department of Defense related to the directed energy or satellites;

9. Amending the technology jobs Tax Credit Act to create the technology jobs and research and development tax credit act;

10. Preventing double taxation of gasoline or special fuel when a rack operator must take product from non-pipeline or refinery sources;

11. Providing a refund of the petroleum products loading fee on products previously loaded from a source other than a refinery or pipeline terminal; and

12. Amending, repealing and enacting sections of the NMSA 1978.

See below for a scanned and merged copy of the official proclamation calling the special session.