New Mexico Tax Ballot Amendment Aims at Fractional Interest Exempts
Amendment No 3 on the November ballot seeks a constitutional fix to allow the Legislature to grant property tax exemptions for fractional interests in real property now tax exempt. The issue stems from a 1970s legal opinion that private fractional interests in public property incur state tax.
MENTIONED IN THIS ARTICLE
Bill Feather
Associated Press
Santa FE
New Mexico
Debate Over Exemptions and Mergers Faces Legislature
The 1976 legislature may define fractional interests in exempt property as personal property and grant tax exemptions for such interests. Proponents say amendments remove doubt about authority and valuing fractional interests. opponents warn of eroding the tax base and shifting costs to others. Separately, a settlement in a Kodiak case targets SEC claims involving Kodiak Industries and the Allesio family. Gibson grads in Washington report endorsements from Americans for Constitutional Action backing Rep. Harold Runnels and Sen. Jack Schmitt for constitutional principles.
MENTIONED IN THIS ARTICLE
Legislative Council Service
Kodiak
John Eastham
Smith
Eastham
SEC
Allesio Family
U.S. National
Gibson Grads
Washington D.C
The
Americans For Constitutional Action Group
U.S
Harold Runnels
Senate
Harrison
Jack” Schmitt
New Mexico
Nonpartisan
National Organization
Rep
Runnels
Dn.m
Congress
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