The bill amends the distribution of proceeds from the motor vehicle excise tax in New Mexico. Specifically, it changes the allocation percentages of the tax receipts, with ten percent now designated for the general fund, sixty-five percent for the state road fund, and twenty-five percent for the transportation project fund. This represents a significant shift from the previous distribution, which allocated fifty-nine and thirty-nine hundredths percent to the general fund, twenty-one and eighty-six hundredths percent to the state road fund, and eighteen and seventy-five hundredths percent to the transportation project fund.

The effective date for these changes is set for July 1, 2026. This adjustment aims to enhance funding for transportation projects while still providing necessary support to the general fund and state road fund.

Statutes affected:
introduced version: 7-14-10