Sat Mar 8 5:11PM - 13 days, 17 hours left in session
| Sponsor | ||
|---|---|---|
| Sen. George K. Muñoz | 4 | Cibola, McKinley & San Juan |
| Status | |||
|---|---|---|---|
| STBTC ❓ | Was scheduled for Mar 1. No vote recorded. Presumed stalled. | ||
| SFC | |||
This is the official nmlegis action history. I'm doing my best to translate the LONG/WEIRD-STRING to something less gibberishy. And before you ask, no, the "Legis Day" number has no mapping to the real world.
Actions: [2] STBTC/SFC-STBTC
| Legis Day | Action | Details |
|---|---|---|
| 2 | referred | STBTC/SFC |
| 2 | sent | STBTC |
This table shows bill actions detected on Ed's system, using heuristics that may not be 100% accurate and which may not reflect the "official" nmlegis chronology. It is probably more than you care to know.
| Jan 23 | filed: [Prefiled by George K. Muñoz; not yet on nmlegis] |
| [new] | |
| sent to STBTC | |
| title: '[prefiled by George K. Muñoz; Not Yet on Nmlegis]' -> 'Oil & Gas Funds to Judicial Retirement' | |
| actions: 'SPREF' -> '[2] STBTC/SFC-STBTC' | |
| new sponsor: George K. Muñoz | |
| Feb 28 | scheduled for STBTC on Sat Mar 1, 15:30 |
| scheduled for STBTC on Sat Mar 1, 13:30 |
SENATE BILL 138
57th legislature - STATE OF NEW MEXICO - first session, 2025
INTRODUCED BY
George K. Muñoz
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.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. Section 7-1-6.43 NMSA 1978 (being Laws 2003, Chapter 86, Section 1, as amended) is amended to read:
"7-1-6.43. DISTRIBUTION--OIL AND GAS PROCEEDS AND PASS-THROUGH ENTITY WITHHOLDING TAX--[MAGISTRATE RETIREMENT FUND--JUDICIAL RETIREMENT FUND] LEGISLATIVE RETIREMENT FUND.--[A.] 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 shall be made [as follows:
(1) to the magistrate retirement fund in the amount of one hundred thousand dollars ($100,000);
(2) to the judicial retirement fund in the amount of one hundred thousand dollars ($100,000); and
(3) on and after July 1, 2025] 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 distributions to the magistrate retirement fund and the judicial retirement fund, in December 2024 and in each December thereafter, the public employees retirement association, with the assistance of the administrative office of the courts, shall determine the funded ratio of each fund as of the end of the preceding fiscal year. If the funded ratio of the magistrate retirement fund for the preceding fiscal year is equal to or greater than one hundred percent, the association shall notify the department, and no further distributions pursuant to Paragraph (1) of Subsection A of this section shall be made. If the funded ratio of the judicial retirement fund for the preceding fiscal year is equal to or greater than one hundred percent, the association shall notify the department, and no further distributions pursuant to Paragraph (2) of Subsection A of this section shall be made.
C. In regard to the distribution to the legislative retirement fund, in December 2024 and in each December thereafter, 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.]"
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