The bill proposes changes to the distribution of proceeds from the motor vehicle excise tax in New Mexico. Specifically, it eliminates the allocation of 59.39% of the tax receipts to the general fund and increases the distribution to the state road fund to 81.25%. Additionally, the bill establishes that 18.75% of the proceeds will be allocated to the transportation project fund.

These amendments aim to redirect funding towards road maintenance and transportation projects, reflecting a shift in priorities regarding the use of motor vehicle excise tax revenues. The effective date for these changes is set for July 1, 2026.

Statutes affected:
introduced version: 7-14-10