summary
Introduced
01/25/2024
01/25/2024
In Committee
02/13/2024
02/13/2024
Crossed Over
02/11/2024
02/11/2024
Passed
02/14/2024
02/14/2024
Dead
Vetoed
02/14/2024
02/14/2024
Introduced Session
2024 Regular Session
Bill Summary
AN ACT RELATING TO SEVERANCE TAX BONDING; PROVIDING FOR A MINIMUM DISTRIBUTION FROM THE SEVERANCE TAX BONDING FUND TO THE SEVERANCE TAX PERMANENT FUND EVERY YEAR FOR NINE YEARS; LIMITING THE AMOUNT OF SUPPLEMENTAL SEVERANCE TAX BONDS OR NOTES ISSUED IN 2024.
AI Summary
This bill amends the Severance Tax Bonding Act to provide for a minimum annual distribution of $82 million from the Severance Tax Bonding Fund to the Severance Tax Permanent Fund for 9 years from 2024 to 2033. It also limits the amount of supplemental severance tax bonds or notes that the State Board of Finance can issue in fiscal year 2023 to $682.2 million and in fiscal year 2024 to $757 million, as a temporary measure.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Vetoed by Governor (on 02/14/2024)
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/Legislation/Legislation?chamber=S&legtype=B&legno=217&year=24 |
| BillText | https://www.nmlegis.gov/Sessions/24%20Regular/final/SB0217.pdf |
| BillText | https://www.nmlegis.gov/Sessions/24%20Regular/bills/senate/SB0217.pdf |
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