Section 6-4-5 - Taxpayers dividend fund; created; purpose. - New Mexico Statutes

6-4-5. Taxpayers dividend fund; created; purpose.

A.     There is created hereby in the state treasury the "taxpayers dividend fund".   

B.     The balance of the taxpayers dividend fund shall be those funds directed to it by law and such other funds as the legislature may appropriate from time to time to the fund.   

C.     If the balance in the taxpayers dividend fund at the end of the seventy-sixth or any subsequent fiscal year exceeds one percent of the tax liabilities reported to the taxation and revenue department pursuant to the Income Tax Act [7-2-1 NMSA 1978] during that fiscal year, then the governor shall propose to the next session of the legislature a method for refunding the balance to the taxpayers.   

D.     Balances in the taxpayers dividend fund may be appropriated only for the purpose of refunding those balances to the taxpayers.