New Mexico 2025 Regular Session

New Mexico Senate Bill SB138 Compare Versions

Only one version of the bill is available at this time.

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28	28	SENATE BILL 138
29	29	57
30	30	TH LEGISLATURE
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33	33	STATE
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35	35	OF
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39	39	MEXICO
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42	42	FIRST SESSION
43	43	,
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45	45	2025
46	46	INTRODUCED BY
47	47	George K. Muñoz
48	48	AN ACT
49	49	RELATING TO TAXATION; REMOVING DISTRIBUTIONS FROM THE OIL AND
50	50	GAS PROCEEDS AND PASS-THROUGH ENTITY WITHHOLDING TAX ACT TO THE
51	51	MAGISTRATE RETIREMENT FUND AND JUDICIAL RETIREMENT FUND.
52	52	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
53	53	SECTION 1. Section 7-1-6.43 NMSA 1978 (being Laws 2003,
54	54	Chapter 86, Section 1, as amended) is amended to read:
55	55	"7-1-6.43. DISTRIBUTION--OIL AND GAS PROCEEDS AND PASS-
56	56	THROUGH ENTITY WITHHOLDING TAX--[MAGISTRATE RETIREMENT FUND--
57	57	JUDICIAL RETIREMENT FUND ] LEGISLATIVE RETIREMENT FUND.--[A. ] A
58	58	distribution pursuant to Section 7-1-6.1 NMSA 1978 from the net
59	59	receipts attributable to the amount of tax deducted pursuant to
60	60	the Oil and Gas Proceeds and Pass-Through Entity Withholding
61	61	Tax Act shall be made [as follows:
62	62	(1) to the magistrate retirement fund in the
63	63	.229159.1 underscored material = new
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90	90	amount of one hundred thousand dollars ($100,000);
91	91	(2) to the judicial retirement fund in the
92	92	amount of one hundred thousand dollars ($100,000); and
93	93	(3) on and after July 1, 2025 ] to the
94	94	legislative retirement fund in the amount of seventy-five
95	95	thousand dollars ($75,000) or, if larger, in an amount equal to
96	96	one-twelfth of the amount necessary to pay out the retirement
97	97	benefits due under state legislator member coverage plan 2 and
98	98	Paragraph (2) of Subsection C of Section 10-11-41 NMSA 1978 for
99	99	the succeeding calendar year.
100	100	[B. In regard to the distributions to the
101	101	magistrate retirement fund and the judicial retirement fund, in
102	102	December 2024 and in each December thereafter, the public
103	103	employees retirement association, with the assistance of the
104	104	administrative office of the courts, shall determine the funded
105	105	ratio of each fund as of the end of the preceding fiscal year.
106	106	If the funded ratio of the magistrate retirement fund for the
107	107	preceding fiscal year is equal to or greater than one hundred
108	108	percent, the association shall notify the department, and no
109	109	further distributions pursuant to Paragraph (1) of Subsection A
110	110	of this section shall be made. If the funded ratio of the
111	111	judicial retirement fund for the preceding fiscal year is equal
112	112	to or greater than one hundred percent, the association shall
113	113	notify the department, and no further distributions pursuant to
114	114	Paragraph (2) of Subsection A of this section shall be made.
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143	143	C. In regard to the distribution to the legislative
144	144	retirement fund, in December 2024 and in each December
145	145	thereafter, the public employees retirement association, with
146	146	the assistance of the legislative council service, shall
147	147	determine the amount of retirement benefits for the succeeding
148	148	calendar year. If the monthly average exceeds seventy-five
149	149	thousand dollars ($75,000), the association shall immediately
150	150	notify the department of the average amount. ]"
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152	152	.229159.1