HOUSE BILL 165

56th legislature - STATE OF NEW MEXICO - first session, 2023

INTRODUCED BY

Greg Nibert

 

 

 

 

 

AN ACT

RELATING TO UNCLAIMED PROPERTY; ENACTING THE REVISED UNIFORM UNCLAIMED PROPERTY ACT; REPEALING THE UNIFORM UNCLAIMED PROPERTY ACT; MAKING CONFORMING AMENDMENTS TO OTHER SECTIONS OF THE NMSA 1978.

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

     SECTION 1. Section 1-19A-10 NMSA 1978 (being Laws 2003, Chapter 14, Section 10, as amended) is amended to read:

     "1-19A-10. PUBLIC ELECTION FUND--CREATION--USE.--

          A. There is created in the state treasury the "public election fund" solely for the purposes of:

                (1) financing the election campaigns of certified candidates for covered offices;

                (2) paying administrative and enforcement costs of the Voter Action Act; and

                (3) carrying out all other specified provisions of the Voter Action Act.

          B. The state treasurer shall invest the funds as other state funds are invested, and all income derived from the fund shall be credited directly to the fund. Remaining balances at the end of a fiscal year shall remain in the fund and not revert to the general fund.

          C. Money received from the following sources shall be deposited directly into the fund:

                (1) qualifying contributions that have been submitted to the secretary;

                (2) any recurring balance of unspent fund money distributed to a certified candidate who does not remain a candidate through the primary or general election period for which the money was distributed;

                (3) money that remains unspent or unencumbered by a certified candidate following the date of the primary election;

                (4) money that remains unspent or unencumbered by a certified candidate following the date of the general election;

                (5) unspent contributions to a candidate;

                (6) money distributed to the fund from funds received pursuant to the Revised Uniform Unclaimed Property Act [(1995)]; and

                (7) money appropriated by the legislature or as otherwise provided by law."

     SECTION 2. Section 7-1-2 NMSA 1978 (being Laws 1965, Chapter 248, Section 2, as amended) is amended to read:

     "7-1-2. APPLICABILITY.--The Tax Administration Act applies to and governs:

          A. the administration and enforcement of the following taxes or tax acts as they now exist or may hereafter be amended:

                (1) Income Tax Act;

                (2) Withholding Tax Act;

                (3) Oil and Gas Proceeds and Pass-Through Entity Withholding Tax Act;

                (4) Gross Receipts and Compensating Tax Act, Interstate Telecommunications Gross Receipts Tax Act and Leased Vehicle Gross Receipts Tax Act;

                (5) Liquor Excise Tax Act;

                (6) Local Liquor Excise Tax Act;

                (7) any municipal local option gross receipts tax or municipal compensating tax;

                (8) any county local option gross receipts tax or county compensating tax;

                (9) Special Fuels Supplier Tax Act;

                (10) Gasoline Tax Act;

                (11) petroleum products loading fee, which fee shall be considered a tax for the purpose of the Tax Administration Act;

                (12) Alternative Fuel Tax Act;

                (13) Cigarette Tax Act;

                (14) Estate Tax Act;

                (15) Railroad Car Company Tax Act;

                (16) Investment Credit Act, rural job tax credit, Laboratory Partnership with Small Business Tax Credit Act, Technology Jobs and Research and Development Tax Credit Act, Film Production Tax Credit Act, Affordable Housing Tax Credit Act and high-wage jobs tax credit;

                (17) Corporate Income and Franchise Tax Act;

                (18) Uniform Division of Income for Tax Purposes Act;

                (19) Multistate Tax Compact;

                (20) Tobacco Products Tax Act;

                (21) the telecommunications relay service surcharge imposed by Section 63-9F-11 NMSA 1978, which surcharge shall be considered a tax for the purposes of the Tax Administration Act;

                (22) the Insurance Premium Tax Act;

                (23) the Health Care Quality Surcharge Act; and

                (24) the Cannabis Tax Act;

          B. the administration and enforcement of the following taxes, surtaxes, advanced payments or tax acts as they now exist or may hereafter be amended:

                (1) Resources Excise Tax Act;

                (2) Severance Tax Act;

                (3) any severance surtax;

                (4) Oil and Gas Severance Tax Act;

                (5) Oil and Gas Conservation Tax Act;

                (6) Oil and Gas Emergency School Tax Act;

                (7) Oil and Gas Ad Valorem Production Tax Act;

                (8) Natural Gas Processors Tax Act;

                (9) Oil and Gas Production Equipment Ad Valorem Tax Act;

                (10) Copper Production Ad Valorem Tax Act;

                (11) any advance payment required to be made by any act specified in this subsection, which advance payment shall be considered a tax for the purposes of the Tax Administration Act;

                (12) Enhanced Oil Recovery Act;

                (13) Natural Gas and Crude Oil Production Incentive Act; and

                (14) intergovernmental production tax credit and intergovernmental production equipment tax credit;

          C. the administration and enforcement of the following taxes, surcharges, fees or acts as they now exist or may hereafter be amended:

                (1) Weight Distance Tax Act;

                (2) the workers' compensation fee authorized by Section 52-5-19 NMSA 1978, which fee shall be considered a tax for purposes of the Tax Administration Act;

                (3) Revised Uniform Unclaimed Property Act [(1995)];

                (4) 911 emergency surcharge and the network and database surcharge, which surcharges shall be considered taxes for purposes of the Tax Administration Act;

                (5) the solid waste assessment fee authorized by the Solid Waste Act, which fee shall be considered a tax for purposes of the Tax Administration Act;

                (6) the water conservation fee imposed by Section 74-1-13 NMSA 1978, which fee shall be considered a tax for the purposes of the Tax Administration Act; and

                (7) the gaming tax imposed pursuant to the Gaming Control Act; and

          D. the administration and enforcement of all other laws, with respect to which the department is charged with responsibilities pursuant to the Tax Administration Act, but only to the extent that the other laws do not conflict with the Tax Administration Act."

     SECTION 3. Section 7-1-6.58 NMSA 1978 (being Laws 2007 (1st S.S.), Chapter 2, Section 8) is amended to read:

     "7-1-6.58. DISTRIBUTION--PUBLIC ELECTION FUND.--A distribution pursuant to Section 7-1-6.1 NMSA 1978 shall be made to the public election fund from the amount deposited pursuant to the provisions of [Section 7-8A-13 NMSA 1978] Section 7-8B-801 NMSA 1978 in the amount of one hundred thousand dollars ($100,000) per month during fiscal year 2008 and subsequent fiscal years."

     SECTION 4. A new Section 7-8B-101 NMSA 1978 is enacted to read:

     "7-8B-101. [NEW MATERIAL] SHORT TITLE.--Chapter 7, Article 8B NMSA 1978 may be cited as the "Revised Uniform Unclaimed Property Act"."

     SECTION 5. A new Section 7-8B-102 NMSA 1978 is enacted to read:

     "7-8B-102. [NEW MATERIAL] DEFINITIONS.--As used in the Revised Uniform Unclaimed Property Act:

          (1) "administrator" means the taxation and revenue department, the secretary of taxation and revenue or any employee of the department who exercises authority lawfully delegated to that employee by the secretary;

          (2) "apparent owner" means a person whose name appears on the records of a holder as the owner of property held, issued or owing by the holder;

          (3) "business association" means a corporation, joint stock company, investment company other than an investment company registered pursuant to the federal Investment Company Act of 1940, as amended, partnership, unincorporated association, joint venture, limited liability company, business trust, trust company, land bank, safe deposit company, safekeeping depository, financial organization, insurance company, federally chartered entity, utility, sole proprietorship or other business entity, whether or not for profit;

          (4) "confidential information" means records, reports and information that are confidential pursuant to Section 7-8B-1402 NMSA 1978;

          (5) "domicile" means:

                (A) for a corporation, the state of its incorporation;

                (B) for a business association whose formation requires a filing with a state, other than a corporation, the state of its filing;

                (C) for a federally chartered entity or an investment company registered pursuant to the federal Investment Company Act of 1940, as amended, the state of its home office; and

                (D) for any other holder, the state of its principal place of business;

          (6) "electronic" means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic or similar capabilities;

          (7) "electronic mail" means a communication by electronic means that is automatically retained and stored and may be readily accessed or retrieved;

          (8) "financial organization" means a savings and loan associatio