This bill amends the distribution of proceeds from the motor vehicle excise tax in New Mexico. Specifically, it modifies the allocation percentages of the tax receipts, interest, and penalties deposited into the newly created "motor vehicle suspense fund." The new distribution will allocate ten percent to the general fund, sixty-five percent to the state road fund, and twenty-five percent to the transportation project fund. These changes replace the previous allocations of fifty-nine and thirty-nine hundredths percent, twenty-one and eighty-six hundredths percent, and eighteen and seventy-five hundredths percent, respectively.

The effective date for the implementation of these changes is set for July 1, 2026. This bill aims to adjust funding priorities for transportation-related projects and state infrastructure by redistributing the motor vehicle excise tax revenues.

Statutes affected:
introduced version: 7-14-10