This bill amends the distribution of proceeds from the motor vehicle excise tax in New Mexico. Specifically, it eliminates the allocation of fifty-nine and thirty-nine hundredths percent of the tax revenue to the general fund, redirecting those funds to the state road fund, which will now receive eighty-one and twenty-five hundredths percent of the tax proceeds. Additionally, the remaining funds will be allocated to the transportation project fund, which will receive eighteen and seventy-five hundredths percent.

The changes will take effect on July 1, 2026, ensuring that a greater portion of the motor vehicle excise tax revenue is dedicated to improving and maintaining state road infrastructure, rather than being distributed to the general fund. This shift reflects a legislative intent to prioritize transportation funding in the state.

Statutes affected:
introduced version: 7-14-10