The bill proposes changes to 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, as indicated by the deletion of that provision. Instead, it increases the distribution to the state road fund to eighty-one and twenty-five hundredths percent, while maintaining an allocation of eighteen and seventy-five hundredths percent to the transportation project fund.

The effective date for the implementation of these changes is set for July 1, 2026. This legislative adjustment aims to enhance funding for state road projects by redirecting a significant portion of the motor vehicle excise tax revenue away from the general fund.

Statutes affected:
introduced version: 7-14-10