The FIR Preparation Process Bill Selection and Assignment Once bills are introduced in a legislative session and printed, hard copies are placed in a mailbox at the state capitol building. TRD representatives (Marilyn Hill, Tax Policy Director and Jeanne Flannery,...
Sections of an FIR A fairly typical FIR performed by the Taxation and Revenue Department is shown in Exhibit 2 below. As illustrated in the exhibit, FIRs contain a number of sections. The purpose of many of the sections is obvious, and therefore not discussed below....
Some Sources of Confusion Indeterminate Fiscal Impacts Listed in TRD Reports Asterisks and associated commentary indicating that fiscal impacts cannot be determined with reasonable accuracy appear on reports for a number of reasons. These include: Cases where likely...
Weaknesses in the Current FIR Preparation System Dynamic Scoring It is true that, under some circumstances, dynamic scoring could improve revenue estimates. It is unclear under what conditions benefits estimating dynamic effects of revenue estimates exceed costs,...
The 911 Emergency Services (E-911) Surcharge at a rate of $.51 is payable by all telecommunication companies who provide wire access or wireless lines capable of originating a 911 call. The surcharge is intended to produce an amount necessary to meet annual debt...
New Mexico imposes an alternative fuel tax on distributors of alternative fuel. Alternative fuel is defined as liquefied petroleum gas (LPG), compressed natural gas (CNG), liquefied natural gas (LNG) or a water-phased hydrocarbon fuel emulsion (for example, A55) for...
Section 60-2F-21 NMSA 1978 of, the New Mexico Bingo and Raffle Act, (effective July 1, 2009) imposes a bingo and raffle tax. If the tax applies to you, the information below may be helpful. For tax periods beginning on or after July 1, 2009, use form RPD-41345, New...
The State imposes an excise tax for the privilege of selling, giving or consuming cigarettes in New Mexico (Section 7-12-3 NMSA 1978). Certain exemptions and deductions apply. A New Mexico cigarette stamp affixed to the package is evidence that the distributor,...
Compensating tax (Section 7-9-7 NMSA 1978) is an excise tax imposed on persons using property or services in New Mexico. This tax is also called “use tax,” or “buyer pays.” Compensating tax helps to protect New Mexico businesses from unfair competition from...
Owners of coal, uranium or geothermal energy in New Mexico are subject to the conservation tax established by Section 7-30 NMSA 1978. The taxable value of coal is determined under Section 7-25-3 NMSA after royalties paid or due to any Indian tribe, Indian pueblo, or...