2019 New Mexico Statutes
Chapter 7 - Taxation
Article 1 - Administration
Section 7-1-6.43 - Distribution; legislative retirement fund.
A. Beginning on July 1, 2019, a distribution pursuant to Section 7-1-6.1 NMSA 1978 from the net receipts attributable to the amount of tax deducted pursuant to the Oil and Gas Proceeds and Pass-Through Entity Withholding Tax Act [Chapter 7, Article 3A NMSA 1978] shall be made to the legislative retirement fund in the amount of seventy-five thousand dollars ($75,000) or, if larger, in an amount equal to one-twelfth of the amount necessary to pay out the retirement benefits due under state legislator member coverage plan 2 and Paragraph (2) of Subsection C of Section 10-11-41 NMSA 1978 for the succeeding calendar year.
B. In regard to the distribution to the legislative retirement fund, in December 2003 and in each December thereafter, except in 2017, the public employees retirement association, with the assistance of the legislative council service, shall determine the amount of retirement benefits for the succeeding calendar year. If the monthly average exceeds seventy-five thousand dollars ($75,000), the association shall immediately notify the department of the average amount.
History: Laws 2003, ch. 86, § 1; 2016 (2nd S.S.), ch. 3, § 1; 2017 (1st S.S.), ch. 3, § 6.
ANNOTATIONSThe 2017 (1st S.S.) amendment, effective July 1, 2017, suspended certain distributions to the legislative retirement fund; in the catchline, after "Distribution", deleted "to"; in Subsection A, added "Beginning on July 1, 2019", and added "from the net receipts attributable to the amount of tax deducted pursuant to the Oil and Gas Proceeds and Pass-Through Entity Withholding Tax Act", after "legislative retirement fund in", deleted "an" and added "the", after "amount", deleted "equal to" and added "of", after "if larger", added "in an amount equal to", and after "NMSA 1978 for the", added "succeeding"; and in Subsection B, after "In", added "regard to the distribution to the legislative retirement fund, in", after "thereafter", added "except in 2017", after "determine the amount of", deleted "those", after "association shall", deleted "notify", after "immediately", added "notify", and deleted the last sentence, which related to the timing of certain distributions to the legislative retirement fund.
The 2016 (2nd S.S.) amendment, effective October 19, 2016, reduced a distribution to the legislative retirement fund; in Subsection A, after "in an amount equal to", deleted "two hundred thousand dollars ($200,000)" and added "seventy-five thousand dollars ($75,000)", and after "Subsection C of Section", deleted "10-11-42" and added "10-11-41"; in Subsection B, after "the monthly average exceeds", deleted "two hundred thousand dollars ($200,000)" and added "seventy-five thousand dollars ($75,000)".
