summary
Introduced
01/19/2021
01/19/2021
In Committee
03/10/2021
03/10/2021
Crossed Over
02/19/2021
02/19/2021
Passed
Dead
03/20/2021
03/20/2021
Introduced Session
2021 Regular Session
Bill Summary
AN ACT RELATING TO RESERVE FUNDS; INCREASING THE AMOUNT OF MONEY IN EXCESS OF APPROPRIATIONS THAT MUST BE IN THE GENERAL FUND BEFORE A PORTION OF THE EXCESS IS TRANSFERRED TO THE TAX STABILIZATION RESERVE; CHANGING THE FUND THAT THE BALANCE OF THE EXCESS EXTRACTION TAXES SUSPENSE FUND IS TRANSFERRED TO EACH YEAR FROM THE TAX STABILIZATION RESERVE TO THE GENERAL FUND OPERATING RESERVE.
AI Summary
This bill amends existing laws to increase the amount of money in excess of appropriations that must be in the General Fund before a portion of the excess is transferred to the Tax Stabilization Reserve, and changes the fund that the balance of the Excess Extraction Taxes Suspense Fund is transferred to each year from the Tax Stabilization Reserve to the General Fund Operating Reserve. Specifically, the bill raises the threshold for transferring excess revenue from the General Fund to the Tax Stabilization Reserve from 8% to 15% of the previous year's aggregate recurring General Fund appropriations. It also directs the balance of the Excess Extraction Taxes Suspense Fund to be transferred to the General Fund Operating Reserve instead of the Tax Stabilization Reserve.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
HAFC: Reported by committee with Do Pass recommendation (on 03/10/2021)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nmlegis.gov/lcs/legislation.aspx?chamber=S&legtype=B&legno=59&year=21 |
| BillText | https://www.nmlegis.gov/Sessions/21%20Regular/bills/senate/SB0059.pdf |
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