Analysis

Synopsis:

 Senate Bill 85 (SB 85) creates the Land Grant Merced Assistance Fund. Prescribes duties. Provides for distributions. Makes an appropriation. SB 85 is effective on July 1, 2021.

Analysis:

 Senate Bill 85 (SB85) enacts a new section of the Tax Administration Act, titled: Distribution-Land Grant-Merced Assistance Fund. 

Requires a distribution pursuant to Section 7-1-6.1 NMSA 1978, to be made to the Land Grant-Merced Assistance Fund in an amount equal to five-hundredths-percent of the net receipts attributable to the gross receipts tax after distributions have been made pursuant to Sections 7-1-6.46 and 7-1-6.47 NMSA 1978.

SB 85 is effective on July 1, 2021.

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