summary
Introduced
01/23/2025
01/23/2025
In Committee
03/16/2025
03/16/2025
Crossed Over
Passed
Dead
03/22/2025
03/22/2025
Introduced Session
Potential new amendment
2025 Regular Session
Bill Summary
AN ACT RELATING TO TAXATION; REMOVING DISTRIBUTIONS FROM THE OIL AND GAS PROCEEDS AND PASS-THROUGH ENTITY WITHHOLDING TAX ACT TO THE MAGISTRATE RETIREMENT FUND AND JUDICIAL RETIREMENT FUND.
AI Summary
This bill modifies the distribution of tax receipts from the Oil and Gas Proceeds and Pass-Through Entity Withholding Tax Act, specifically changing how funds are allocated to retirement accounts. Previously, the bill directed $100,000 each to the magistrate and judicial retirement funds annually. Now, the bill removes those specific allocations and instead directs $75,000 (or potentially more if needed) to the legislative retirement fund. The bill eliminates previous provisions that required the Public Employees Retirement Association to annually assess the funded ratios of the magistrate and judicial retirement funds and adjust distributions accordingly. By making these changes, the legislation shifts financial support away from magistrate and judicial retirement funds and focuses on supporting the legislative retirement fund, ensuring sufficient resources for legislative retirement benefits. The bill appears to be a technical adjustment to how certain tax-derived funds are distributed among different retirement accounts in New Mexico.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
SFC: Reported by committee with Do Pass recommendation (on 03/16/2025)
bill text
bill summary
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bill summary
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bill summary
Document Type | Source Location |
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State Bill Page | https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=138&year=25 |
SFC Committee Report | https://www.nmlegis.gov/Sessions/25%20Regular/bills/senate/SB0138FC1.pdf |
STBTC Committee Report | https://www.nmlegis.gov/Sessions/25%20Regular/bills/senate/SB0138CT1.pdf |
Senate STBTC1 SB138 230239.1 Committee Amendment | https://www.nmlegis.gov/Sessions/25%20Regular/Committee_Subs_And_Amendments/SB0138CT1%20230239.1%20.pdf |
Fiscal Note | https://www.nmlegis.gov/Sessions/25%20Regular/firs/SB0138.PDF |
BillText | https://www.nmlegis.gov/Sessions/25%20Regular/bills/senate/SB0138.pdf |
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