H 99 STATEWIDE ARTS SCHOOL DORMITORY FUND

Rep Andrea Romero

Actions: HPREF [2] HTRC/HAFC-HTRC [11] DP/a-HAFC

Scheduled: Not Scheduled

 House Bill 99 (HB 99) provides for an annual transfer from the Excess Extraction Taxes Suspense Fund to the New Mexico School for the Arts Dormitory Fund. HB 99 makes an appropriation.
 

 House Bill 99 (HB 99) amends Public Finances and creates the New Mexico School for the Arts Dormitory Fund.

SECTION 1 amends Public Finances Section 6-4-27 NMSA 1978 (being Laws 2020, Chapter 3, Section 4) to insert in the New Mexico School for the Arts Dormitory Fund into the title and in Subsection B to provide that at the end of each fiscal year, the Department of Finance and Administration shall transfer the balance of the fund attributable to that fiscal year as directed and includes a new paragraph B(2) to transfer $2,000,000 to the New Mexico School for the Arts Dormitory Fund and to edit the B(3) to change its number and insert reference to B(2).

SECTION 2 adds a new section of the New Mexico School for the Arts Act to create the New Mexico School for the Arts Dormitory Fund. This non reverting fund in the state treasury consists of an annual transfer from the excess extraction taxes suspense fund; income from investment of the fund; and appropriations, gifts, grants and donations. 

The fund shall be administered by the school, and money in the fund is appropriated to the school to pay the expenses of providing room and board to residential students that are over and above dormitory fees charged pursuant to Section 22-15F-7 NMSA 1978 and for operating costs of the dormitory. The fund shall include a reserve to cover unforeseen repairs, maintenance and other operational expenses of the dormitory for which the school had not planned or budgeted. 

 House Bill 99 HB (99) is amended by the House Taxation and Revenue Committee (HTRC) to change the Title to read: RELATING TO THE NEW MEXICO SCHOOL FOR THE ARTS/ CREATING THE NEW MEXICO SCHOOL FOR THE ARTS DORMITORY FUND.

This strikes providing for a transfer from the Excess Extraction Taxes Suspense Fund and spikes the appropriation. 

Strike Section 1 with the title EXCESS EXTRACTION TAXES SUSPENSE FUND--TRANSFER OF EXCESS OIL AND GAS EMERGENCY SCHOOL TAX REVENUE--TAX STABILIZATION RESERVE--NEW MEXICO SCHOOL FOR THE ARTS DORMITORY FUND--EARLY CHILDHOOD EDUCATION AND CARE FUND.—

Renumber the succeeding section accordingly.

The sentence beginning at the end of Page 3, line 5 is amended to read:
The fund consists of appropriations, gifts, grants, donations, and income from investment of the fund.