This bill amends the distribution of proceeds from the motor vehicle excise tax in New Mexico. Specifically, it eliminates the allocation of 59.39% of the tax revenue 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.
The changes are reflected in the amendment to Section 7-14-10 NMSA 1978, which creates a new distribution structure for the motor vehicle excise tax receipts. The effective date for these provisions is set for July 1, 2026.
Statutes affected: introduced version: 7-14-10